Sir Arthur Lewis
Sir William Arthur Lewis, official Nobel Prize photo
William Arthur Lewis
23 January 1915
|Died||15 June 1991 76) (aged|
|Nationality||Saint Lucia, United Kingdom|
|Known for|| Development economics |
Lewis turning point
History of the world economy
|Spouse(s)||Gladys Jacobs Lewis (m. 1947)|
|Awards||Nobel Memorial Prize in Economic Sciences (1979)|
|Institutions|| LSE (1938–48)|
University of Manchester (1948–58)
University of West Indies (1959–63)
Princeton University (1963–91)
|Thesis||The economics of loyalty contracts (1940)|
|Doctoral advisor||Sir Arnold Plant|
Sir William Arthur Lewis (23 January 1915 – 15 June 1991) was an economist well known for his contributions in the field of economic development. In 1979 he was awarded the Nobel Memorial Prize in Economic Sciences. He had dual Saint Lucian and British citizenships.
An economist is a practitioner in the social science discipline of economics.
Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries. The concept, however, has been in existence in the West for centuries. "Modernization, "westernization", and especially "industrialization" are other terms often used while discussing economic development. Economic development has a direct relationship with the environment and environmental issues. Economic development is very often confused with industrial development, even in some academic sources.
The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field. The award's official name is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Arthur Lewis was born in Castries, Saint Lucia, then still part of the British Windward Islands federal colony, as the fourth of five children of George and Ida Lewis. His parents had migrated from Antigua shortly after the turn of the century.George Lewis died when Arthur turned seven, and Ida raised their five children alone. Arthur was a gifted student and was promoted two classes ahead of his age. After finishing school at the age of 15, Lewis worked as a clerk, while waiting to take his university entrance exam. During this time he became friends with Eric Williams, the future first prime minister of Trinidad and Tobago, and the two remained lifelong friends.
Castries, population 20,000, aggl. 53,639, is the capital and largest city of Saint Lucia, an island country in the Caribbean. The quarter with the same name had a population of 70,000 on 22 May 2013 and stretches over an area of 80 km2 (31 sq mi).
Saint Lucia is a sovereign island country in the West Indies in the eastern Caribbean Sea on the boundary with the Atlantic Ocean. The island was previously called Iyonola, the name given to the island by the native Amerindians and later, Hewanorra, the name given by the native Caribs. Part of the Lesser Antilles, it is located north/northeast of the island of Saint Vincent, northwest of Barbados and south of Martinique. It covers a land area of 617 km2 and reported a population of 165,595 in the 2010 census. Its capital is Castries.
The British Windward Islands was a British colony existing between 1833 and 1960 and consisting of the islands of Grenada, St Lucia, Saint Vincent, the Grenadines, Barbados, Tobago, and Dominica, previously included in the British Leeward Islands.
After gaining his Bachelor of Science degree in 1937 and a Ph.D. degree in 1940 at the London School of Economics (LSE) under supervision of Arnold Plant,Lewis worked as a member of the staff at the LSE until 1948. In 1947, he married Gladys Jacobs, and they had two daughters together.
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years, or a person holding such a degree.
A Doctor of Philosophy is the highest university degree that is conferred after a course of study by universities in most English-speaking countries. PhDs are awarded for programs across the whole breadth of academic fields. As an earned research degree, those studying for a PhD are usually required to produce original research that expands the boundaries of knowledge, normally in the form of a thesis or dissertation, and defend their work against experts in the field. The completion of a PhD is often a requirement for employment as a university professor, researcher, or scientist in many fields. Individuals who have earned a Doctor of Philosophy degree may, in many jurisdictions, use the title Doctor or, in non-English-speaking countries, variants such as "Dr. phil." with their name, although the proper etiquette associated with this usage may also be subject to the professional ethics of their own scholarly field, culture, or society. Those who teach at universities or work in academic, educational, or research fields are usually addressed by this title "professionally and socially in a salutation or conversation." Alternatively, holders may use post-nominal letters such as "Ph.D.", "PhD", or "DPhil". It is, however, considered incorrect to use both the title and post-nominals at the same time.
The London School of Economics is a public research university located in London, England, and a constituent college of the federal University of London. Founded in 1895 by Fabian Society members Sidney Webb, Beatrice Webb, Graham Wallas, and George Bernard Shaw for the betterment of society, LSE joined the University of London in 1900 and established its first degree courses under the auspices of the University in 1901. The LSE started awarding its own degrees in 2008, prior to which it awarded degrees of the University of London.
That year he was selected as a lecturer at the University of Manchester, and moved there with his family. He taught at Manchester until 1957. During this period, he developed some of his most important concepts about the patterns of capital and wages in developing countries. He particularly became known for his contributions to development economics, of great interest as former colonies began to gain independence from European nations.
Lecturer is an academic rank within many universities, though the meaning of the term varies somewhat from country to country. It generally denotes an academic expert who is hired to teach on a full- or part-time basis. They may also conduct research.
The former Victoria University of Manchester, now the University of Manchester, was founded in 1851 as Owens College. In 1880, the college joined the federal Victoria University, gaining an independent university charter in 1904 as the Victoria University of Manchester after the collapse of the federal university.
When Ghana gained independence in 1957, its government appointed Lewis as their first economic advisor. He helped draw up its first Five-Year Development Plan (1959–63).
Ghana, officially the Republic of Ghana, is a country located along the Gulf of Guinea and Atlantic Ocean, in the subregion of West Africa. Spanning a land mass of 238,535 km2 (92,099 sq mi), Ghana is bordered by the Ivory Coast in the west, Burkina Faso in the north, Togo in the east and the Gulf of Guinea and Atlantic Ocean in the south. Ghana means "Warrior King" in the Soninke language.
In 1959 Lewis returned to the Caribbean region when appointed Vice Chancellor of the University of the West Indies. In 1963 he was knighted for his contributions to economics.
The University of the West Indies (UWI), originally University College of the West Indies, is a public university system established to serve the higher education needs of the residents of 17 English-speaking countries and territories in the Caribbean: Anguilla, Antigua and Barbuda, The Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Grenada, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago, and Turks and Caicos Islands. Each country is either a member of the Commonwealth of Nations or a British Overseas Territory. The aim of the university is to help 'unlock the potential for economic and cultural growth' in the West Indies, thus allowing improved regional autonomy. The University was originally instituted as an independent external college of the University of London.
The dignity of Knight Bachelor is the basic and lowest rank of a man who has been knighted by the monarch but not as a member of one of the organised orders of chivalry; it is a part of the British honours system. Knights Bachelor are the most ancient sort of British knight, but Knights Bachelor rank below knights of chivalric orders.
That year, he was also appointed a University Professor at Princeton University and moved to the United States. Lewis worked at Princeton for the next two decades, teaching generations of students until his retirement in 1983. In 1970 Lewis also was selected as the first president of the Caribbean Development Bank, serving in that capacity until 1973.
Lewis received the Nobel prize in Economics in 1979, sharing it with Theodore Schultz.
He died on 15 June 1991 in Bridgetown, Barbados. He was buried in the grounds of the St Lucian community college named in his honour. He was survived by his wife, Gladys Jacobs, Lady Lewis of Barbados and Princeton, NJ; two daughters, Elizabeth Lewis of Cranbury, NJ, and Barbara Virgil of Brooklyn; and four brothers: Stanley Lewis of Ghana, Earl Lewis of Trinidad, Allen Montgomery Lewis, a former Governor General of St Lucia, and Victor Lewis of St Lucia.
Lewis published in 1954 what was to be his most influential development economics article, "Economic Development with Unlimited Supplies of Labour" (Manchester School).In this publication, he introduced what came to be called the dual sector model, or the "Lewis model".
Lewis combined an analysis of the historical experience of developed countries with the central ideas of the classical economists to produce a broad picture of the development process. In his theory, a "capitalist" sector develops by taking labour from a non-capitalist backward "subsistence" sector. The subsistence sector is governed by informal institutions and social norms so that producers do not maximise profits and workers can be paid above their marginal product. At an early stage of development, the "unlimited" supply of labour from the subsistence economy means that the capitalist sector can expand for some time without the need to raise wages. This results in higher returns to capital, which are reinvested in capital accumulation. In turn, the increase in the capital stock leads the "capitalists" to expand employment by drawing further labour from the subsistence sector. Given the assumptions of the model (for example, that the profits are reinvested and that capital accumulation does not substitute for skilled labour in production), the process becomes self-sustaining and leads to modernization and economic development.
The point at which the excess labour in the subsistence sector is fully absorbed into the modern sector, and where further capital accumulation begins to increase wages, is sometimes called the Lewisian turning point. It has recently been widely discussed in the context of economic development in China.
Lewis published The Theory of Economic Growth in 1955 in which he sought to “provide an appropriate framework for studying economic development,” driven by a combination of “curiosity and of practical need.”
Sir Derek Alton Walcott, KCSL, OBE, OCC was a Saint Lucian poet and playwright. He received the 1992 Nobel Prize in Literature. He was the University of Alberta's first distinguished scholar in residence, where he taught undergraduate and graduate writing courses. He also served as Professor of Poetry at the University of Essex from 2010 to 2013. His works include the Homeric epic poem Omeros (1990), which many critics view "as Walcott's major achievement." In addition to winning the Nobel Prize, Walcott received many literary awards over the course of his career, including an Obie Award in 1971 for his play Dream on Monkey Mountain, a MacArthur Foundation "genius" award, a Royal Society of Literature Award, the Queen's Medal for Poetry, the inaugural OCM Bocas Prize for Caribbean Literature, the 2011 T. S. Eliot Prize for his book of poetry White Egrets and the Griffin Trust For Excellence in Poetry Lifetime Recognition Award in 2015.
James Joseph Heckman is a Nobel Prize winning American economist who is currently at the University of Chicago, where he is The Henry Schultz Distinguished Service Professor in Economics and the College; Professor at the Harris Graduate School of Public Policy Studies; Director of the Center for the Economics of Human Development (CEHD); and Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. He is also Professor of Law at the Law School, a senior research fellow at the American Bar Foundation, and a research associate at the National Bureau of Economic Research. In 2000, Heckman shared the Nobel Memorial Prize in Economic Sciences with Daniel McFadden, for his pioneering work in econometrics and microeconomics. As of February 2019, he is the next most influential economist in the world.
Nicholas Kaldor, Baron Kaldor, born Káldor Miklós, was a Cambridge economist in the post-war period. He developed the "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), derived the cobweb model, and argued for certain regularities observable in economic growth, which are called Kaldor's growth laws. Kaldor worked alongside Gunnar Myrdal to develop the key concept Circular Cumulative Causation, a multicausal approach where the core variables and their linkages are delineated. Both Myrdal and Kaldor examine circular relationships, where the interdependencies between factors are relatively strong, and where variables interlink in the determination of major processes. Gunnar Myrdal got the concept from Knut Wicksell and developed it alongside Nicholas Kaldor when they worked together at the United Nations Economic Commission for Europe. Myrdal concentrated on the social provisioning aspect of development, while Kaldor concentrated on demand-supply relationships to the manufacturing sector. Kaldor also coined the term "convenience yield" related to commodity markets and the so-called theory of storage, which was initially developed by Holbrook Working.
Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.
Kenny Davis Anthony is a Saint Lucian politician who was Prime Minister of Saint Lucia from 1997 to 2006 and again from 2011 to 2016. As leader of the Saint Lucia Labour Party, he was Leader of the Opposition from 2006 to 2011 and returned to office as Prime Minister on 30 November 2011 following the 2011 election. He left office after the SLP's defeat in the 2016 election and announced his resignation as party leader.
Sir John George Melvin Compton, was a Saint Lucian politician who served as the Prime Minister of Saint Lucia on three occasions: briefly in 1979, again from 1982 to 1996, and from 2006 until his death in 2007. Compton, who previously led Saint Lucia under British rule from 1964 to 1979, was the country's first leader when it became independent in February 1979. He led the conservative United Workers Party (UWP) from 1964 until 1996, and again from 2005 to 2007.
Lloyd Stowell Shapley was an American mathematician and Nobel Prize-winning economist. He contributed to the fields of mathematical economics and especially game theory. Shapley is generally considered one of the most important contributors to the development of game theory since the work of von Neumann and Morgenstern. With Alvin E. Roth, Shapley won the 2012 Nobel Memorial Prize in Economic Sciences "for the theory of stable allocations and the practice of market design."
Theodore William Schultz was an American economist and chairman of the University of Chicago Department of Economics. Schultz rose to national prominence after winning the 1979 Nobel Memorial Prize in Economic Sciences.
Michio Morishima was a Japanese economist, mathematician and econometrician, who was a faculty member at the London School of Economics from 1970–88 as the Sir John Hicks Professor of Economics. He was also emeritus professor of Osaka University and a member of the British Academy.
Omicron Delta Epsilon is an international honor society in the field of economics, formed from the merger of Omicron Delta Gamma and Omicron Chi Epsilon, in 1963. Its board of trustees includes well-known economists such as Robert Lucas, Richard Thaler, and Robert Solow. ODE is a member of the Association of College Honor Societies; the ACHS indicates that ODE inducts approximately 4,000 collegiate members each year and has more than 100,000 living lifetime members. There are approximately 700 active ODE chapters worldwide. New members consist of undergraduate and graduate students, as well as college and university faculty; the academic achievement required to obtain membership for students can be raised by individual chapters, as well as the ability to run for office or wear honors cords during graduation. It publishes an academic journal entitled The American Economist twice each year.
Edmund Strother Phelps is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences.
A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand. The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.
Sir Vaughan Allen Lewis, KCSL CBE is a Saint Lucian politician and a former member of the United Workers' Party (UWP). He served for a brief period as the fourth Prime Ministers of Saint Lucia following the resignation of John Compton. Lewis, a former director of the Organisation of Eastern Caribbean States, assumed the office of Prime Minister on April 2, 1996. He also served as Minister of Finance, Planning and Development, and Minister of External Affairs. In elections that followed on May 23, 1997, Lewis and the UWP suffered a huge setback, losing all but one of their seats in Parliament, forcing him to resign in favor of the leader of the Saint Lucia Labour Party, Dr. Kenny Anthony.
The dual-sector model is a model in developmental economics. It is commonly known as the Lewis model after its inventor W. Arthur Lewis. It explains the growth of a developing economy in terms of a labour transition between two sectors, the capitalist sector and the subsistence sector.
Felix Terry Finisterre is a Saint Lucian citizen and a sustainable tourism consultant. He is a former teacher, having served at St Aloysius Roman Catholic Boys' School, Corinth Junior Secondary and Teachers' Training College, which was absorbed as the Teacher Training Division of the Sir Arthur Lewis Community College.
Sir Allen Montgomery Lewis was a barrister and public servant from Saint Lucia who twice served as the country's Governor-General.
The Lewis model of economic growth analyses the process of economic expansion in a dual economy. W.A Lewis put forward his views systematically in his article "Economic Development with Unlimited Supplies of Labor" Lewis divides the economy of an underdeveloped country into two sectors:
Marxian economics, or the Marxian school of economics, refers to a heterodox school of economic thought. Its foundations can be traced back to the critique of classical political economy in the research by Karl Marx and Friedrich Engels. Marxian economics refers to several different theories and includes multiple schools of thought, which are sometimes opposed to each other, and in many cases Marxian analysis is used to complement or supplement other economic approaches. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage rather than being synonymous. They share a semantic field while also allowing connotative and denotative differences.
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Herbert A. Simon
| Laureate of the Nobel Memorial Prize in Economics |
Served alongside: Theodore W. Schultz
Lawrence R. Klein