Arthur Lewis
Arthur Lewis
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Full Name and Common Aliases
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W. Arthur Lewis was a renowned economist from Sierra Leone, known for his significant contributions to the field of development economics.
Birth and Death Dates
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Born: January 23, 1915
Died: June 15, 1991
Nationality and Profession(s)
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Lewis held both British and Sierra Leonean nationality. His profession was primarily that of an economist, with a focus on international trade and development.
Early Life and Background
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Arthur Lewis was born in the British colony of Sierra Leone to a family of modest means. His early life was marked by a strong educational foundation, which laid the groundwork for his future academic pursuits. He attended Fourah Bay College, where he began his studies in economics. After completing his undergraduate degree, Lewis continued his education at Oxford University.
Major Accomplishments
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Lewis's most notable achievement is perhaps his work on the concept of "dual economies," which posits that developing countries have two distinct economic systems: a modern sector and a traditional or subsistence sector. This theory has been instrumental in shaping our understanding of development economics. Additionally, Lewis was awarded the Nobel Memorial Prize in Economic Sciences in 1979 for his pioneering work on international trade.
Notable Works or Actions
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Some of Lewis's notable works include:
"Economic Development with Unlimited Supplies of Labour" (1954) - a seminal paper that introduced the concept of dual economies.
"The Theory of Economic Growth" (1955) - a comprehensive textbook on economic growth and development.
Impact and Legacy
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Arthur Lewis's work has had a profound impact on our understanding of international trade and development. His theory of dual economies has been widely adopted by economists and policymakers around the world, informing strategies for economic growth in developing countries. Additionally, his Nobel Prize recognition underscores the significance of his contributions to the field.
Why They Are Widely Quoted or Remembered
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Arthur Lewis is widely quoted and remembered due to his groundbreaking work on development economics. His ideas have had a lasting impact on the way we approach economic growth and development in emerging economies. Furthermore, his commitment to using economic theory as a tool for improving human welfare has left a lasting legacy in the field of economics.
His contributions serve as a reminder that economic growth is not solely dependent on technological advancements or capital investments but also on understanding the intricacies of local economies. Lewis's work continues to inspire economists and policymakers alike, making him an enduring figure in the world of development economics.
Quotes by Arthur Lewis
The difference between a drunk and a alcoholic is that a drunk doesn't have to attend all those meetings.
In 1938, I was given a one-year teaching appointment, which was sensational for British universities. This was converted into the usual four-year contract for an Assistant Lecturer in 1939.
The insistence by CBC on the need to be able to hire more temporary workers can be traced directly to the corporation's serious funding shortfall,
Education is the great growth industry of the Third World. Since the Second World War, we have multiplied the number of children in school by four, with even larger multiples for secondary and university education.
Science affects all our ways of thinking about the world: both the physical world, which, if I may make so bold, is easy to understand because it is regular and follows simple laws, and also the social world, which is more baffling and less predictable.
The strength of the scientific establishment in any country is related to its general level of education, not only in supplying large numbers of eager minds for further training, but also in ensuring a public opinion that holds science in esteem and approves financial support.
When I was seven, I had to stay home for several weeks because of some ailment, whereupon my father elected to teach me so that I should not fall behind. In fact, he taught me in three months as much as the school taught in two years, so, on returning to school, I was shifted from grade 4 to grade 6.
We cannot give our students all that they expect, whether by way of the quality of their schooling or by way of the jobs that they were hoping to get. Student frustration is a worldwide phenomenon, pushing our societies into adjusting faster than they are used to.
Two conditions of self-sustaining growth are that a country has acquired a cadre of domestic entrepreneurs and administrators and, secondly, that it has attained to adequate savings and taxable capacity.