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Arthur LewisBritish economist
Date of Birth: 23.01.1915
Country:  Great Britain |
Content:
Biography of Arthur Lewis
Arthur Lewis was a British economist, renowned for his active study of the principles of economic development in developing countries. His expertise in this field earned him great respect among his colleagues, a knighthood, a Nobel Prize, and much more.
Early Life
Arthur Lewis was born in Castries, Saint Lucia, which was then a British territory. His parents had immigrated to Saint Lucia from Antigua at the beginning of the century. Lewis's father passed away when he was only seven years old, leaving his mother to raise him and his four siblings on her own. Despite the hardships, Lewis excelled in his studies and completed his school curriculum two years ahead of his peers.
At the age of 14, Lewis finished school and worked as a clerk before taking the university entrance exams. It was during this time that he became friends with Eric Williams, the future Prime Minister of Trinidad and Tobago, and they remained friends throughout their lives. Lewis obtained his bachelor's degree in 1937 and his doctorate in 1940 from the London School of Economics, where he also worked until 1948.
In 1947, Arthur Lewis married Gladys Jacobs, and they later had two daughters. He then moved to the University of Manchester, where he served as a lecturer until 1957. During this period, Lewis developed several important concepts related to the interaction between capital and wages in developing countries.
Career and Achievements
Arthur Lewis was well-known for his work in the field of economic development, particularly his interest in the fate of former colonies gaining independence from their European metropolises. In 1957, Ghana gained independence, and Lewis was hired as an economic consultant to help the country develop its first five-year development plan.
In 1959, Lewis returned to the Caribbean and became the Vice-Chancellor of the University of the West Indies. In 1963, he was knighted for his contributions to the economy. That same year, Lewis accepted a professorship at Princeton University and relocated to the United States. He spent the next 20 years at Princeton, teaching several generations of students and also serving as the first president of the Caribbean Development Bank.
In 1979, Arthur Lewis was awarded the Nobel Prize in Economics, which he shared with Theodore Schultz. One of Lewis's most famous and important discoveries was his "dual-sector model," later known as the "Lewis model." Through his analysis of developing economies, Lewis utilized both his own approaches and standard economic techniques, resulting in a comprehensive understanding of the development process.
According to Lewis, the "capitalist" sector developed through labor obtained from the "subsistence" sector. In the early stages, the supply of labor resources in the subsistence sector was virtually unlimited, allowing capitalists to expand production without increasing wages. However, as surplus labor diminishes, employers are forced to consider raising wages.
Later Years and Legacy
Arthur Lewis passed away on June 15, 1991, in Bridgetown, Barbados, at the age of 76. His contributions to the field of economics, particularly in the study of economic development in developing countries, continue to be influential and highly regarded. Lewis's research and models have helped shape the understanding of the dynamics of economic growth and the challenges faced by developing nations.
