Arthur Lewis-A pioneer in development economics in the post WWII years,who studied the patterns of growth in developing economies.He visualised sectoral shifts in production through relocation.In the early stages of industrialisation,there would be 'unlimited labour supply',which would be absorbed by industries and there would be no upwarrd pressure on wages.But,as the industrial sector develops to the point where supply of labour from agriculture shrinks,industrial wages will begin to rise.This stage is referred to as the 'Lewisian Turning Point'(TP).
Gary Becker-Worked on the role of education in society,especially the behaviour of individuals in making economic decisions.In his early writings,Becker emphasised the impact of education in life.He drew attention to educated women limiting family size to be able to give better education to children.Later he shifted attention to other areas,especially human capital.His seminal work revealed that the substantial growth in income in the U.S. was not captured even after accounting for the growth of physical capital and labour.He attributed the residual or 'R' factor to human capital.
Gary Becker-Worked on the role of education in society,especially the behaviour of individuals in making economic decisions.In his early writings,Becker emphasised the impact of education in life.He drew attention to educated women limiting family size to be able to give better education to children.Later he shifted attention to other areas,especially human capital.His seminal work revealed that the substantial growth in income in the U.S. was not captured even after accounting for the growth of physical capital and labour.He attributed the residual or 'R' factor to human capital.
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