The Theory Falsification of “Lewis Turning Point”:——From the View of Product Market
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| Title | The Theory Falsification of “Lewis Turning Point”:——From the View of Product Market
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| Author | Li Wenpu and Xiongying |
| Organization | Xiamen Universtiy |
| Email | wpli@xmu.edu.cn；xiongying1985@gmail.com |
| Key Words | Dual Economy Transition; Lewis Turning Point; Assumption of Constant Wage |
| Abstract | This paper analyzes the dual economy model by Lewis according to the idea of social product reproduction and its realization. The presumption of constant wage in Lewis model is falsified in the closed and open economy respectively by considering the product market. This study finds that the proposition of Lewis that the real labor wage could raise evidently only when the dual economy has passed the “Lewis turning point” cannot stand whether in the condition of closed economy or open economy, as Lewis ignored the analysis of products but only focused on the labor market. In the long term of economic growth, whether it is single or dual economy, the labor wage should raise as long as the labor productivity increases. |
| Serial Number | WP824 |
| Time | 2015-02-13 |
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