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However, Ranis, (2004), said that neither Kuznets nor Lewis took into account the possibility that one of the effects employment has on wages in early reallocation could lead to increased wage bills, and a functional distribution that favours labour. Their conclusion was in capital accumulation, this they explained as it relates to their analysis of income distribution. endobj /Annots [21 0 R] This website uses cookies and third party services. 0000049766 00000 n trailer This modern technology Lewis called tricks of the trade(Kari, 2008). 4, pp. 15 0 obj He further encouraged foreign investors to set up modern technology and make provision for external markets. (5 points) If the two sectors in our economy now are high-tech sector and manufacture sector, how would you update the Lewis model assumptions? >> /Contents 26 0 R Because of tourism, the Caribbean has one of the highest per capita water withdrawal rates in the world (UNEP, 1999 as cited in Pantin 2009, p. 57). It should not be treated as authoritative or accurate when considering investments or other financial products. The first assumption of the model was that the modern sector employment creation and labour transfer rate is proportional to the rate of capital accumulation in the modern sector. This model refers to industry and agriculture and that industrialisation is the ultimate goal of economic development which is in contrast to the original ideas of Arthur Lewis. A Case Review: Integrating Lewin's Theory with Lean's System Approach Figure 1 depicts this change model as a linear process. The world economy comes into view after Lewis analysed the relationship of capital exporting and importing and mutual trade between a labour-scarce and a labour-surplus economy (Figueroa 2004, p. 740). UN Chronicle the magazine of the united nations. 14 0 obj /Type /Page