1. The Lewis Model of Development
... available at a subsistence wage. Lewis claimed that workers mainly contribute to economic development as: subsistence agriculture workers, causal labors, petty traders, and domestic services, women in the household and a general population increase. Also, the subsistence wage where the surplus labor is unlimited would be the equal to the minimum wage set by the state and/or may equal to average product ... the model establishes that these labors could be reduced without decreasing output; since there are other factors posited by the model, for an affluent supply of labor; such as, huge p...
- Word Count: 4558
- Approx Pages: 18
- Has Bibliography
- Grade Level: Undergraduate