The Theory of Economic Growth by W. Arthur Lewis

The Theory of Economic Growth is a book written by W. Arthur Lewis, a pioneering economist and the first black person to win the Nobel Memorial Prize in Economic Sciences. The book, first published in 1955, is considered a classic in the field of development economics, providing a comprehensive and influential analysis of the economic growth of developing countries.

The book begins by introducing the basic concepts of economic growth and development, including the distinction between "traditional" and "modern" sectors of the economy. Lewis then goes on to examine the factors that drive economic growth in developing countries, including investment in physical and human capital, technological change, and the role of the state in promoting economic development.

One of the key contributions of the book is Lewis' dual sector model, which argues that economic growth in developing countries is driven by the expansion of the modern sector, while the traditional sector remains stagnant. He argues that the key to economic growth in developing countries is to increase the rate of capital accumulation in the modern sector, which will lead to an increase in productivity and wages, and ultimately to economic growth.

The book also examines the role of the state in promoting economic growth, arguing that the state should play an active role in promoting investment and modernization in the modern sector, while also providing support to the traditional sector to ensure social stability.

The Theory of Economic Growth remains a widely read and highly influential book in the field of development economics, and its ideas and concepts continue to shape the research and debate in the field today. It is considered a classic work that provides a comprehensive and influential analysis of the economic growth of developing countries.

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