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This article provides a detailed investigation of how Lewis revisited classical and Marxian concepts such as productive/unproductive labor, economic surplus, subsistence…
This article provides a detailed investigation of how Lewis revisited classical and Marxian concepts such as productive/unproductive labor, economic surplus, subsistence wages, reserve army, and capital accumulation in his investigation of economic development. The Lewis 1954 development model is compared to other models advanced at the time by Harrod, Domar, Swan, Kaldor, Solow, von Neumann, Nurkse, Rosenstein-Rodan, Myint, and others. Lewis applied the notion of economic duality to open and closed economies.
This paper examines why some sets of people choose an informal way to acquire land. It also examines challenges and drivers within indigenous communities in South-western…
This paper examines why some sets of people choose an informal way to acquire land. It also examines challenges and drivers within indigenous communities in South-western Nigeria. Policy recommendations were proposed for formalization. What precisely are the contextual reasons that can be established empirically for the prevailing extra-legal practices in the developing land market? What are the challenges, and how can the informal land market be graduated into the formal system?
It begins with identifying the contextual features, drivers and challenges of the informal land market through a combination of literature synthesis and a pilot survey. Subsequently, copies of questionnaires were developed, tested and distributed to the critical actors in the informal land market. Lastly, a structured interview was conducted to elicit possible solutions from key actors (both formal and informal stakeholders). Data were analyzed using descriptive, inferential statistics and computer-aided qualitative data analysis software (CAQDAS, Atlas. ti).
The absence of administrative bureaucracy was the predominant characteristic of the informal urban land market, while household income is the strongest predictor of the informal land market drivers. Informal documentation of transactions is also one of the most severe challenges in the informal urban land market. Consensus between statutory and customary institutions and other 15 governance-related recommendations is proposed to confirm informality to formality.
The paper's outcome will provide a rational guide to landowners, land administrators and other stakeholders on relevant information needed to develop a viable and healthy urban and rural land market.
In discussions of economic development, industrial dualism is oftenignored. Industry, or the modern sector, in developing countries iscomposed of an overregulated formal…
In discussions of economic development, industrial dualism is often ignored. Industry, or the modern sector, in developing countries is composed of an overregulated formal sector and a free‐entry informal sector. Because of the nature of the regulations we can, in general, identify the formal sector with large industry and the informal sector with small industry. The informal modern sector is often a dynamic actor in the process of economic development, frequently outpacing the growth of the formal modern sector. We investigate in a general equilibrium model the conditions under which the informal sector increases its capital stock more rapidly than the formal sector. We also look at the employment‐unemployment effects of industrial dualism.
Argues for a stricter compliance with Gandhian economics to promote more effective economic development in India and other developing countries. Copying Western economic practices has not helped India. The application of the more socialist Gandhian principles would produce a more even standard of living for all ‐ no one would want for the basic necessities.
This chapter is intended to investigate the ramifications of foreign trade regime on the technological front in relation with the impact of between trade liberalization on…
This chapter is intended to investigate the ramifications of foreign trade regime on the technological front in relation with the impact of between trade liberalization on the process of skill formation in dual economy setting and thereby, the wage dynamics facing the skilled and unskilled labor. The ideation toward this end is owed to the seminal literature concerning the connection between free trade and economic dualism, general and the implication of such nexus on skilling process, in particular. Hence, based on the above dispensation, it may be possible to analyze the consequence of free trade on knowledge economy (wherein, the knowledge essentially purports to technical skill, proficiency in various aspects of work and perhaps, to some extent, the case of innovation) and additionally, what it impinges on welfare and economic development for less developed countries. The theoretical underpinning of the baseline model is based basically on the dualistic structure of the economy with regional specifications of the factors. In this framework, it has been examined that under the condition liberal trade policy in a less developed country, featured by reduced tariff, how it makes up for the formation of knowledge capital in the presence of technology-intensive export sector employed skilled and, in such process, if wage inequality gets exacerbated or otherwise. This is further drawn to investigating the implicit change in the propensity of rural–urban migration of unskilled labor, consequent upon the escalation openness to foreign trade; in what holds out significantly as regards the persistence of economic dualism, in general and balanced growth phenomenon between urban and rural sectors, in particular.
Investigates two issues raised by D.C. Moore: the apparent failureof critical accounting theory to launch and sustain a critical programmeand relative lack of critical…
Investigates two issues raised by D.C. Moore: the apparent failure of critical accounting theory to launch and sustain a critical programme and relative lack of critical accounting activity in the USA. These concerns are related in that radicalization and change of one′s own academic discipline would seem to be one of the highest‐priority political activities to be undertaken by critical theorists. Offers feminist economics as an example of a critical social theory that meets Moore′s four criteria for successful criteria endeavour and is applicable to accounting research. Compares the feminist economic critique with critiques of accounting by Cooper, and by Shearer and Arrington, based on the French feminist philosophers. The two approaches differ in goals and politics. Suggests that the experience of feminist economics in reforming economics also provides insights into the slow growth of critical accounting theory in the USA.
In this chapter, we argue for an essential dualism in the U.S. economy; there are simultaneously institutional sources of dynamism and institutional patterns that portend…
In this chapter, we argue for an essential dualism in the U.S. economy; there are simultaneously institutional sources of dynamism and institutional patterns that portend a process of decay and decline. This dualism corresponds to a growing divide between innovative small- and medium-sized enterprises and big corporations – both financial and nonfinancial – that are increasingly predatory in their business strategies. Surprisingly, firms on both sides of the divide are increasingly dependent on government. The small- and medium-sized firms rely heavily on government science and technology programs to help them innovate. The large firms need government to protect their position. Whether dynamism or decay will prove to be stronger, we think, is contingent on political choices that will be made over the next ten years. This contingency, in turn, makes it easier to understand the highly polarized nature of partisan politics in the United States today.
This chapter presents an exposition on the dynamics of economic development in relation with endogenous growth in as much as the aggregate output derives from capital…
This chapter presents an exposition on the dynamics of economic development in relation with endogenous growth in as much as the aggregate output derives from capital which comprises of both human and physical capital. It is based on a growth-theoretic assessment of how nations or individual economies behave in term of whether the poorer ones get to catch up with the richer ones over time on capital stock and per capita income. The model developed herein has been shown to generate steady state equilibrium (of both stable and unstable nature) which constitutes a prime departure from endogenous growth theory. Beside this, the study also empirically examines whether there is any convergence in the last two decades (2000–2019) among developing and less developed countries on mean years of schooling (taken as a proxy as an input into human capital formation) in absolute and as well as conditional terms. It provides empirical evidence of convergence among developing and less developed countries on mean years of schooling over a period of 2000–2019 in absolute and conditional terms.