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W. Arthur Lewis Versus the Lewis Model: Agricultural or Industrial Development?

The well-known Lewis model was inspired by one of the models which W. Arthur Lewis presented in 1954. Yet it fails to capture his basic insights, leaving generations of students with the misapprehension that he saw industrialization as a panacea. If we avoid the limitations of the neoclassical recasting and reflect on the variations of Lewis's models, which he presented within the classical tradition, we can re-evaluate some of Lewis's neglected contributions. These relate to accumulation and trade as historical and contemporary problems and to the fundamental role that agriculture plays in development.