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Lewis (Lewis), William Arthur

( West Indies economist memory Nobel Prize in Economics, 1979)

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Biography Lewis (Lewis), William Arthur
genus. January 23, 1915
West Indies economist William Arthur Lewis was born on the island of St. Lucia, British West Indies, the son of Ida Louise (nee Barton) and George Ferdinand Lewis, a school teacher, an immigrant from Antigua. His father died when L. was 7 years old, leaving the raising five sons in the proportion of mothers. L. spoke about his mother as' a highly disciplined and industrious man, surpassing in this respect all the people I ever knew. And she gave these qualities to their children '.
When in 1929. L. graduated from the College of St.. Mary (Saint Lucia), he was only 14 years old. Being too young for university admission, . He worked as a government official, . not yet reached the age, . who gave him the right to receive a government scholarship to study at the London School of Economics (LSE), . in which he entered in 1933,
. He dreamed of becoming an engineer, but later recalled: 'It seemed foolish, as neither the government nor the private firm is not hired to work at the Black Engineer'. He received a bachelor's degree in commerce and a diploma with honors. Despite the fact that he has not passed a course in economics and mathematics, he was granted a full scholarship to study in the doctoral specialty 'industrial economics'. The following year he was offered a one-year contract to teach at the University of London, after which he was appointed assistant lecturer. In 1940. He received his doctorate at the LSE until 1948. remained in the University of London, then became a professor of economics at Manchester University.
Academic activities L. decomposes as if into three phases: the history of the world economy and economic development, industrial economics, economic problems of the underdeveloped countries. His work in the first phase began when he was still at the LSE. There, on the advice of Friedrich von Hayek, the then head of the Department of Economics, he began to lecture on the history of economics in the period between the first and second world wars, when the cycle of economic prosperity has changed the cycle of depression. This course of lectures enabled him to prepare for the publication of its first study of these cycles' Economic Survey 1919 ... 1939. "(" Economic Survey 1919 ... 1939 "), published in 1949. His pioneering work in the field of Industrial Economics L. summarized in the book 'Overhead: Essays in Economic Analysis' ( "Overhead Costs: Some Essays in Economic Analysis", 1950). After the publication of this work, he began to focus increasingly on the economic problems of the so-called 'Third World'.
. The end of the Second World War and the acquisition of independence by many former colonies of European powers drew attention to the problems of economic development in third world, . Economists have dubbed 'South', . in contrast to the developed capitalist countries, . called 'North',
. While most economists and planners believe that developing countries should invest their profits from the export of its traditional products in the industrial sector in order to ensure rapid economic growth. Their views were confirmed by the success of the 'Marshall Plan' (named after George K. Marshall), under which a massive infusion of funds for investment and technical equipment contributed to the postwar reconstruction of Western Europe.
In the course of their research work L. came to the opposite view. He went to the economies of developing countries as a dual rather than single, which includes agricultural, traditional, sector, and industrial, capitalist. 'Third World', usually has an excess of illiterate farm workers. Being trained, these workers could be involved in the growing sectors of trade and manufacturing at relatively low cost. Thus obtained will form the profits those savings and the capital, which so badly need of the country 'third world' for its industrial and economic progress.
. According to L., 'third world' requires something other than 'Marshall Plan'
. Foreign trade can not be in the poor countries serve as an engine of economic progress. There he expressed his confidence and foreign investment capital, but called for more profits, the financing of industrial investments and implementation of major investment in public education, ie. human capital. A first approach. this model it was published in 1951. as part of the report of the United Nations 'Economic development in low-income countries' ( "Economic Development in Low-Income Countries"), in the preparation of which also participated Theodore Schultz.
By 1955, when L. published 'The theory of economic growth' ( "Theory of Economic Growth"), he improved and expanded his original model. He allowed, . that the world's economic output is made up of 'steel' (ready-made industrial products in the developed world), . 'coffee' (export crop, . based on natural resources 'Third World') and 'food' (produced and there, . there),
. He could not take Hecksher - Ulin (compiled by Eli Heckscher and Bertil Ulin) for the conditions of world trade, because the 'coffee' can not be done in the developed countries 'North'. The key commodity was made 'food', which is produced with high efficiency on the 'North' and low productivity on the 'South', which determines the adverse terms of trade for the last. The main way to improve the trade balance and ensure the development of 'third world' therefore, it was recognized to increase agricultural productivity and investment of savings in the expanding industrial sector on the 'South'.
. The central point of the theory of economic development L
. a process that is capable in a short time increase the savings rate in developing countries, with about 4 or 5% of their national income to about 15%. L. showed that this process mainly consists in expanding the industrial sector with its relatively high profit. Necessary, it is also considered, and major investments in education. In such favorable conditions will grow on both a regional and global trade (as it was in the 50-and 60-ies.), A 'North' and 'South' can move forward together, not at the expense of each other. Economic growth L. approached from a broad perspective, including in it and the economic and social development. And what is equally important, he stressed the difficulties of centralized economic planning under conditions of dictatorship, and under the leadership of democratic governments. He was one of the first economists, calling into question the proposition that it is always desirable economic growth, and spoke in favor of the evolution of the world economy as a whole.
A Theory. maturing in the course of his practical work in the 'Third World'. From 1957 to 1963. He worked as an economic adviser to the UN, the Prime Minister of Ghana, was the deputy executive director of the Special Fund of the United Nations and Vice-President of the University of the West Indies. During this time he was elevated to a knighthood in 1963. In the same year he enrolled in the School of Public and International Problems. Woodrow Wilson at Princeton University as a professor of economics and international issues. In 1968. He received additional post of professor of political economy at Princeton University. In 1970. He went to a four-year leave in connection with what became the founder and president of the Caribbean Development Bank in Barbados.
L. also expressed interest in the situation of blacks in the United States, which he regarded as similar to the situation of the population 'Third World'. He raised the question of the introduction of courses of lectures for blacks in American universities, as adhered to a firm conviction that a rigorous traditional education is the road to progress.
L. shared memory of the Nobel Prize in economics for 1979. the American economist Theodore Schultz 'for innovative research and economic development ... in the annex to the problems of developing countries'. In his Nobel lecture 'The slowdown in the growth mechanism' ( "The Slowing Down of the Engine of Growth") L. combined their theories about the nature of world trade and its history, put forward the idea that the least developed countries should no longer remain dependent on its economic growth from the developed countries.
. Expansion of regional trade, he said, they could eventually accelerate its own development, even if slower economic growth in developed countries
. He also accused the developed countries 'lack of awareness' of 'mutual dependence' of both types of economy.
In 1938. L. married Gladys Isabey le Jacobs from the island of Grenada, who then worked as a schoolteacher in London, and is now a sculptor, have two children. He retains British citizenship. In his spare time enjoys listening to classical music and long walks.
L. awarded honorary degrees of many universities in the United States, including Columbia, Howard and Yale, University of the West Indies, Manchester, Wales, Bristol, Lagos and Toronto. He - an honorary member of the London School of Economics and Corresponding Member of the British Academy of Sciences. He served as a member of the Royal Economic Society, President of the Economic Society of Ghana and member of the Economic Advisory Committee of the National Association for the support of people of color.


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Lewis (Lewis), William Arthur, photo, biography
Lewis (Lewis), William Arthur, photo, biography Lewis (Lewis), William Arthur  West Indies economist memory Nobel Prize in Economics, 1979, photo, biography
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