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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 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 discusses the role of Albert O. Hirschman as a founder of development economics in the postwar years. Although Hirschman maintained a strong interest in development matters throughout his entire professional career, his major contributions to development economics took place between the mid-1950s and the late 1960s. The paper examines Hirschman’s innovative contributions to the new discipline. When, in the 1950s, development economics gravitated around the concept of “balanced growth,” Hirschman opened new vistas with a theory of “unbalanced growth.” In the early 1960s, Hirschman focused on reformist political approaches to development, against the opposed extremisms of reaction and revolution. Finally, in the late 1960s, Hirschman opened new perspectives on the importance of detailed analysis of development projects, against the theoretical drift of early development economics.

The discussion of Hirschman’s development career is also an opportunity to observe the gap between theoretical debates and development policies. Whereas development economists often clashed on theoretical issues, their views were remarkably closer on practical questions.

As a pioneer of development economics, Hirschman sought to establish it as a discipline theoretically distinct from mainstream economics. By the 1980s, this project had collapsed, and the development question was reabsorbed by the economic mainstream. This article, however, argues that current development debates remain deeply indebted to Hirschman’s contribution. His reformist vision, rejection of one-size-fits-all solutions, his insistence on the ineluctable role of uncertainty, and his search for country-specific, incremental, and evolutionary policies make his approach central to current development discourse.

Purpose – Entrepreneurship development has become a goal of many countries to achieve economic development. Islamic economics is concerned with marketing, trading, business and entrepreneurship activities. This chapter examines the role of entrepreneurship development in Islamic economics.

Methodology/approach – This chapter is purely theoretical in nature. Thus, the Glorious Qur’an, Hadith and other related documents are its major sources.

Findings – The discussion reveals that entrepreneurship development has the potential to promote economic growth and development, employment, self-reliance and national growth. The discussion identifies a lack of capital and financial support as a principal obstacle to the development of entrepreneurship and entrepreneurs. This chapter further reveals that the success of entrepreneurship development and other commercial activities requires organisation in terms of coordination, networking and sharing of resources, as well as cooperation between government, public sector, private sector and enterprise.

Originality/value –The chapter is original in its form and arrangement having emerged as a novel attempt and the first of its kind. The chapter has a pearl of value to the Islamic economists, entrepreneurs, academic circle, and all those who may consider it relevant for application in their desirable business and cherish the value of its standing.