Structural-Change Models

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7 Terms

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Structural change

Reallocation of resources from traditional to modern, high-productivity sectors.

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Lewis two-sector model

Dual-sector model explaining development by transfer of surplus labor from traditional agriculture to modern industry.

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Traditional sector (Lewis)

Agricultural, subsistence-based, low productivity.

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Modern sector (Lewis)

Industrial, capitalist, high productivity, reinvests profits.

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Surplus labor (Lewis)

Workers in agriculture with near-zero marginal product.

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Turning point (Lewis)

Point at which surplus labor is exhausted and wages start rising.

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Chenery’s patterns of development

Empirical regularities in growth: declining agricultural share, rising industry and services, urbanization, demographic transition.