Economic Homework 2

Economic Homework 2

Problem 1

1. 1. Let’s assume that the Cobb-Douglas output function is Y = AKα L1-α, then the rate of growth in production will be the rate of growth in production and the summation of the rate growth in investment and labor and their corresponding shares:

(ΔY/Y) = (ΔA/A) + α (ΔK/K) + (1-α) (ΔL/L).

Henceforth, the rate of growth in production is given by:

(ΔA/A) = (ΔY/Y) – α (ΔK/K) – (1-α) (ΔL/L).

The share of Labor is the cumulative wage divided by the total GDP, that is, 1-α = wL/Y = 60/100 = 0.6. Investment share is α = 1 – 0.6 = 0.4. Working in mathematical figures for growth rates, we get: (ΔA/A) = 0.1 – 0.4∗0.1 – 0.6∗0.05 = 0.03.

Henceforth, the rate of growth in production is 3% annually.

2. 2. The investment shares and labor shares are now 1-α = 80/100 = 0.8 and α = 1 – 0.8 = 0.2. The growth rate of production is:

(ΔA/A) = 0.1 – 0.2∗0.1 – 0.8∗0.05 = 0.04, or 4 % annually.

Growth in production is a portion of the growth in GDP that can’t be endorsed to raise capital or labor. At this point, capital increases at a constant rate as GDP and two times the rate of labor. This gives a bigger portion to a slower-growing factor (labor). This is an indication that the residual production growth must be higher.

3. With (ΔK/K) = (ΔL/L) = 0.10, production growth for part (a) is

(ΔA/A) = 0.1 – 0.4∗0.1 – 0.6∗0.1 = 0,

And for part (b) is

(ΔA/A) = 0.1 – 0.2∗0.1 – 0.8∗0.1 = 0.

Capital and labor tend to be increasing at a constant rate because the Cobb-Douglas production function demonstrations constant earnings to scale, therefore productivity is growing at the constant rate. Henceforth, growth is not fixed to fluctuations in production.

Problem 2

1.) The Cobb-Douglas production function f (k) in its simplest form is given by:

Whereby;

Change in capital and change in labor is then given by;

Given that in a steady-state we have that capital accumulation is equal to labor productivity which is zero, we have;

We equate equations 3 and 4 above to each other to obtain;

Equations 5 and 6 represent the steady states of capital and labor, respectively. We can solve for h in terms of k by substituting in the Cobb-Douglas intensive production function in equation one as follows;

To solve for k, we substitute h, equation nine into the steady-state equation for accumulated capital in equation 5;

Equation 10 is then reduced as follows;

We then solve for k in equation 11 by multiplying both sides with its inverse; and then subsequently dividing both sides by, to finally obtain the steady-state level of capital intensity, k^* as;

Similarly, since we also have steady-state labor productivity as;

These are thus the standard results of steady labor intensity and labor productivity as contained in the Solow growth model.

2( a) Since the two values lead to a convergence of a balanced growth path in the Solow model;

1. Let 𝐴=1, 𝛼=1/2, 𝑠=0.2, and 𝛿=0.05. Find the steady-state values of 𝑌/𝐿 and 𝐾/𝐿 [Hint: You shouldn’t need a calculator]. The steady-state value for labor (K/L) and capital (K/L) is 4.0 for both. (Simply; 0.2 divided by 0.05).

1. c) The golden rule level of capital requires that the marginal product of capital is greater than n + 𝛿. When alpha is zero, then the MPK is also zero likewise to the new steady state of capital intensity. It does not make sense because it would mean that the fall in capital-output per worker would also result in the same for labor productivity.

3

1. The endogenous theory explains how growth in developed economies may vary in the long run. When comparing marginal productivity of capital with the slope of the production function, proponents of endogenous growth theory argue that MPK should equal population growth rate and that it is based on the saving structure such that the level of state capital stock is directly related with the GDP. This why countries that make high investments grow faster than the ones that do not.

1. The endogenous growth theory, therefore, asserts that given the significance of some public goods which are directly proportional to the country’s investments ability, such as technology, the government should always strive to implement a regulatory environment to protect intellectual property and enable human capital as some of the major drivers of endogenous economic growth.

1. The policies that enable steady-state growth rates of the capital intensity and labor productivity in the presence of technology and human capital or knowledge as such. They include copyright laws to protect the country’s public goods, such as technological applications and tools that enable sustained endogenous growth. Also, policies that educate the citizens such that the labor force is effective and the output per worker both in terms of capital and productivity work together towards increase the nation’s national income – GDP.

Problem 3

• Lewis mode of unlimited supply

Consider dual economy agriculture emfr

OW is a real wage in the agriculture sector

And average product per human

OW is the rate fixed in the modern sector, demand for lab increase from MP₁ to MP ₂

So that marginal product = OW

• Lewis assumes that all wages are consumed, and profit is reinvented to increase demand for labor with the expansion of the modern sector

Thus the absorption of surplus labor depends upon the distribution of income, which is the main source of capital accumulation, and only a few end up in the agriculture sector.

• The Lewis model puts emphasis on the question of how a traditional backward economy can be converted into a modern developed economy. This model compares the rural agricultural sector with the urban industrial sector (Sumner & Andy, 2018). Lewis assumed an economy that is subsistence in nature and not market-oriented. And the economy is essentially a labor surplus one. A constant migration of labor from traditional rural areas has to modern urban regions has been demonstrated. Wages remain low and constant for longer periods. Economic development occurs due to the increasing share of earnings, which was reinvested. In the long run, the reservoir of excess labor gets finished, investment accumulation tends to slow down, and payoffs get determined by marginal profit.

The key idea of the Harris-Todaro model is that “the rural-urban labor relocation in less developed countries is the gap in the average estimated wages rather than genuine wages. Estimated wages are calculated by the variance in real urban revenue and rural agronomic revenue and also on the possibility of a rural migrant’s attaining a job in the urban (Nagashima, 2018).

4) The wage difference between rural and urban sectors is the chief reason behind migration. But there is no assurance that all migrants from rural areas be absorbed in the urban informal sector. Such people become disguised urban unemployed (Panwar, & Mishra, 2017).

5) In order to get rid of the various circle of poverty, underdeveloped countries need investment in large-scale. This is well explained by the two theories of economic development.

Balanced growth: the government should make a simultaneous investment in all sectors to achieve growth.

Unbalanced growth: the government should create a situation of unbalanced by making an investment in any sector.

On that note, balanced growth is the dynamic strategy that the government should implement. It is of great significance by which a balance could be established between agriculture, industry, and trade.

Question 4

• Politician overlooks financial, vital, and objective interest while leading their exchange strategy. It happens in light of the fact that politician’s center around populist guarantees they have made deals with.

2a) Jazzboyys have an absolute advantage in the production of alligator’s meat (A). Jazzboys have an absolute advantage in the production of the polished music piece.

1. Amount produced by both in 8 hours will be as per below table:

Graphical representation production frontier

20. The opportunity cost for producing polished Music Pieces for Gatormen as explained below and as per PPF is; 1 music piece = 20.8 pounds of alligators meat for Gatormen
21. The opportunity cost for producing polished Music Pieces for Jazzboys as explained below and as per PPF is 1 Music piece = 4.8 pounds of meat.

So JazzBoys has a comparative advantage in selling Music pieces. Similarity

1. Opportunity Cost Of Gatormen for Alligator meat is 1 pound of alligator meat = 2,3 music pieces.
2. Gatormen has a comparative advantage in selling alligators Meat.
3. Such an arrangement would not work in either favor.

3. The Marginal Social Cost (MSC) to society of producing the goodwill exceeds the Marginal Private Cost (MPC) paid by the producer

The following figure shows the required demand and supply curve –

The table above shows the quantity supplied at various prices.

S=20+20P

P=S/20

D=200-10P

D= 200-(S/20)

As one can see, the Amount delivered is more than the amount needed; when the amount supplied is more than the amount demanded, the surplus is said to be prevailing in the market.

So, at a price equals $2, a surplus of 200-(S/20) units is prevailing in the market.

So, the equilibrium price (Pe) is $2, and the equilibrium quantity (Qe) is 9 units

References

Nagashima, M. (2018). A condition for the reduction of urban unemployment in the Harris-Todaro model. Asia-Pacific Journal of Regional Science, 2(1), 243-255.

Panwar, N. S., & Mishra, A. (2017). Migration and public policy in INDIA revisiting the HARRIS-TODARO model. Indian Journal of economics and development, 5, 11.

Sumner, Andy (2018) “is the Lewis model of economic development still relevant to developing countries”?

Economic Homework 2

Problem 1

1. 1. Let’s assume that the Cobb-Douglas output function is Y = AKα L1-α, then the rate of growth in production will be the rate of growth in production and the summation of the rate growth in investment and labor and their corresponding shares:

(ΔY/Y) = (ΔA/A) + α (ΔK/K) + (1-α) (ΔL/L).

Henceforth, the rate of growth in production is given by:

(ΔA/A) = (ΔY/Y) – α (ΔK/K) – (1-α) (ΔL/L).

The share of Labor is the cumulative wage divided by the total GDP, that is, 1-α = wL/Y = 60/100 = 0.6. Investment share is α = 1 – 0.6 = 0.4. Working in mathematical figures for growth rates, we get: (ΔA/A) = 0.1 – 0.4∗0.1 – 0.6∗0.05 = 0.03.

Henceforth, the rate of growth in production is 3% annually.

2. 2. The investment shares and labor shares are now 1-α = 80/100 = 0.8 and α = 1 – 0.8 = 0.2. The growth rate of production is:

(ΔA/A) = 0.1 – 0.2∗0.1 – 0.8∗0.05 = 0.04, or 4 % annually.

Growth in production is a portion of the growth in GDP that can’t be endorsed to raise capital or labor. At this point, capital increases at a constant rate as GDP and two times the rate of labor. This gives a bigger portion to a slower-growing factor (labor). This is an indication that the residual production growth must be higher.

3. With (ΔK/K) = (ΔL/L) = 0.10, production growth for part (a) is

(ΔA/A) = 0.1 – 0.4∗0.1 – 0.6∗0.1 = 0,

And for part (b) is

(ΔA/A) = 0.1 – 0.2∗0.1 – 0.8∗0.1 = 0.

Capital and labor tend to be increasing at a constant rate because the Cobb-Douglas production function demonstrations constant earnings to scale, therefore productivity is growing at the constant rate. Henceforth, growth is not fixed to fluctuations in production.

Problem 2

1.) The Cobb-Douglas production function f (k) in its simplest form is given by:

Whereby;

Change in capital and change in labor is then given by;

Given that in a steady-state we have that capital accumulation is equal to labor productivity which is zero, we have;

We equate equations 3 and 4 above to each other to obtain;

Equations 5 and 6 represent the steady states of capital and labor, respectively. We can solve for h in terms of k by substituting in the Cobb-Douglas intensive production function in equation one as follows;

To solve for k, we substitute h, equation nine into the steady-state equation for accumulated capital in equation 5;

Equation 10 is then reduced as follows;

We then solve for k in equation 11 by multiplying both sides with its inverse; and then subsequently dividing both sides by, to finally obtain the steady-state level of capital intensity, k^* as;

Similarly, since we also have steady-state labor productivity as;

These are thus the standard results of steady labor intensity and labor productivity as contained in the Solow growth model.

2( a) Since the two values lead to a convergence of a balanced growth path in the Solow model;

1. Let 𝐴=1, 𝛼=1/2, 𝑠=0.2, and 𝛿=0.05. Find the steady-state values of 𝑌/𝐿 and 𝐾/𝐿 [Hint: You shouldn’t need a calculator]. The steady-state value for labor (K/L) and capital (K/L) is 4.0 for both. (Simply; 0.2 divided by 0.05).

1. c) The golden rule level of capital requires that the marginal product of capital is greater than n + 𝛿. When alpha is zero, then the MPK is also zero likewise to the new steady state of capital intensity. It does not make sense because it would mean that the fall in capital-output per worker would also result in the same for labor productivity.

3

1. The endogenous theory explains how growth in developed economies may vary in the long run. When comparing marginal productivity of capital with the slope of the production function, proponents of endogenous growth theory argue that MPK should equal population growth rate and that it is based on the saving structure such that the level of state capital stock is directly related with the GDP. This why countries that make high investments grow faster than the ones that do not.

1. The endogenous growth theory, therefore, asserts that given the significance of some public goods which are directly proportional to the country’s investments ability, such as technology, the government should always strive to implement a regulatory environment to protect intellectual property and enable human capital as some of the major drivers of endogenous economic growth.

1. The policies that enable steady-state growth rates of the capital intensity and labor productivity in the presence of technology and human capital or knowledge as such. They include copyright laws to protect the country’s public goods, such as technological applications and tools that enable sustained endogenous growth. Also, policies that educate the citizens such that the labor force is effective and the output per worker both in terms of capital and productivity work together towards increase the nation’s national income – GDP.

Problem 3

• Lewis mode of unlimited supply

Consider dual economy agriculture emfr

OW is a real wage in the agriculture sector

And average product per human

OW is the rate fixed in the modern sector, demand for lab increase from MP₁ to MP ₂

So that marginal product = OW

• Lewis assumes that all wages are consumed, and profit is reinvented to increase demand for labor with the expansion of the modern sector

Thus the absorption of surplus labor depends upon the distribution of income, which is the main source of capital accumulation, and only a few end up in the agriculture sector.

• The Lewis model puts emphasis on the question of how a traditional backward economy can be converted into a modern developed economy. This model compares the rural agricultural sector with the urban industrial sector (Sumner & Andy, 2018). Lewis assumed an economy that is subsistence in nature and not market-oriented. And the economy is essentially a labor surplus one. A constant migration of labor from traditional rural areas has to modern urban regions has been demonstrated. Wages remain low and constant for longer periods. Economic development occurs due to the increasing share of earnings, which was reinvested. In the long run, the reservoir of excess labor gets finished, investment accumulation tends to slow down, and payoffs get determined by marginal profit.

The key idea of the Harris-Todaro model is that “the rural-urban labor relocation in less developed countries is the gap in the average estimated wages rather than genuine wages. Estimated wages are calculated by the variance in real urban revenue and rural agronomic revenue and also on the possibility of a rural migrant’s attaining a job in the urban (Nagashima, 2018).

4) The wage difference between rural and urban sectors is the chief reason behind migration. But there is no assurance that all migrants from rural areas be absorbed in the urban informal sector. Such people become disguised urban unemployed (Panwar, & Mishra, 2017).

5) In order to get rid of the various circle of poverty, underdeveloped countries need investment in large-scale. This is well explained by the two theories of economic development.

Balanced growth: the government should make a simultaneous investment in all sectors to achieve growth.

Unbalanced growth: the government should create a situation of unbalanced by making an investment in any sector.

On that note, balanced growth is the dynamic strategy that the government should implement. It is of great significance by which a balance could be established between agriculture, industry, and trade.

Question 4

• Politician overlooks financial, vital, and objective interest while leading their exchange strategy. It happens in light of the fact that politician’s center around populist guarantees they have made deals with.

2a) Jazzboyys have an absolute advantage in the production of alligator’s meat (A). Jazzboys have an absolute advantage in the production of the polished music piece.

1. Amount produced by both in 8 hours will be as per below table:

Graphical representation production frontier

20. The opportunity cost for producing polished Music Pieces for Gatormen as explained below and as per PPF is; 1 music piece = 20.8 pounds of alligators meat for Gatormen
21. The opportunity cost for producing polished Music Pieces for Jazzboys as explained below and as per PPF is 1 Music piece = 4.8 pounds of meat.

So JazzBoys has a comparative advantage in selling Music pieces. Similarity

1. Opportunity Cost Of Gatormen for Alligator meat is 1 pound of alligator meat = 2,3 music pieces.
2. Gatormen has a comparative advantage in selling alligators Meat.
3. Such an arrangement would not work in either favor.

3. The Marginal Social Cost (MSC) to society of producing the goodwill exceeds the Marginal Private Cost (MPC) paid by the producer

The following figure shows the required demand and supply curve –

The table above shows the quantity supplied at various prices.

S=20+20P

P=S/20

D=200-10P

D= 200-(S/20)

As one can see, the Amount delivered is more than the amount needed; when the amount supplied is more than the amount demanded, the surplus is said to be prevailing in the market.

So, at a price equals $2, a surplus of 200-(S/20) units is prevailing in the market.

So, the equilibrium price (Pe) is $2, and the equilibrium quantity (Qe) is 9 units

References

Nagashima, M. (2018). A condition for the reduction of urban unemployment in the Harris-Todaro model. Asia-Pacific Journal of Regional Science, 2(1), 243-255.

Panwar, N. S., & Mishra, A. (2017). Migration and public policy in INDIA revisiting the HARRIS-TODARO model. Indian Journal of economics and development, 5, 11.

Sumner, Andy (2018) “is the Lewis model of economic development still relevant to developing countries”?

Economic Homework 2

Problem 1

1. 1. Let’s assume that the Cobb-Douglas output function is Y = AKα L1-α, then the rate of growth in production will be the rate of growth in production and the summation of the rate growth in investment and labor and their corresponding shares:

(ΔY/Y) = (ΔA/A) + α (ΔK/K) + (1-α) (ΔL/L).

Henceforth, the rate of growth in production is given by:

(ΔA/A) = (ΔY/Y) – α (ΔK/K) – (1-α) (ΔL/L).

The share of Labor is the cumulative wage divided by the total GDP, that is, 1-α = wL/Y = 60/100 = 0.6. Investment share is α = 1 – 0.6 = 0.4. Working in mathematical figures for growth rates, we get: (ΔA/A) = 0.1 – 0.4∗0.1 – 0.6∗0.05 = 0.03.

Henceforth, the rate of growth in production is 3% annually.

2. 2. The investment shares and labor shares are now 1-α = 80/100 = 0.8 and α = 1 – 0.8 = 0.2. The growth rate of production is:

(ΔA/A) = 0.1 – 0.2∗0.1 – 0.8∗0.05 = 0.04, or 4 % annually.

Growth in production is a portion of the growth in GDP that can’t be endorsed to raise capital or labor. At this point, capital increases at a constant rate as GDP and two times the rate of labor. This gives a bigger portion to a slower-growing factor (labor). This is an indication that the residual production growth must be higher.

3. With (ΔK/K) = (ΔL/L) = 0.10, production growth for part (a) is

(ΔA/A) = 0.1 – 0.4∗0.1 – 0.6∗0.1 = 0,

And for part (b) is

(ΔA/A) = 0.1 – 0.2∗0.1 – 0.8∗0.1 = 0.

Capital and labor tend to be increasing at a constant rate because the Cobb-Douglas production function demonstrations constant earnings to scale, therefore productivity is growing at the constant rate. Henceforth, growth is not fixed to fluctuations in production.

Problem 2

1.) The Cobb-Douglas production function f (k) in its simplest form is given by:

Whereby;

Change in capital and change in labor is then given by;

Given that in a steady-state we have that capital accumulation is equal to labor productivity which is zero, we have;

We equate equations 3 and 4 above to each other to obtain;

Equations 5 and 6 represent the steady states of capital and labor, respectively. We can solve for h in terms of k by substituting in the Cobb-Douglas intensive production function in equation one as follows;

To solve for k, we substitute h, equation nine into the steady-state equation for accumulated capital in equation 5;

Equation 10 is then reduced as follows;

We then solve for k in equation 11 by multiplying both sides with its inverse; and then subsequently dividing both sides by, to finally obtain the steady-state level of capital intensity, k^* as;

Similarly, since we also have steady-state labor productivity as;

These are thus the standard results of steady labor intensity and labor productivity as contained in the Solow growth model.

2( a) Since the two values lead to a convergence of a balanced growth path in the Solow model;

1. Let 𝐴=1, 𝛼=1/2, 𝑠=0.2, and 𝛿=0.05. Find the steady-state values of 𝑌/𝐿 and 𝐾/𝐿 [Hint: You shouldn’t need a calculator]. The steady-state value for labor (K/L) and capital (K/L) is 4.0 for both. (Simply; 0.2 divided by 0.05).

1. c) The golden rule level of capital requires that the marginal product of capital is greater than n + 𝛿. When alpha is zero, then the MPK is also zero likewise to the new steady state of capital intensity. It does not make sense because it would mean that the fall in capital-output per worker would also result in the same for labor productivity.

3

1. The endogenous theory explains how growth in developed economies may vary in the long run. When comparing marginal productivity of capital with the slope of the production function, proponents of endogenous growth theory argue that MPK should equal population growth rate and that it is based on the saving structure such that the level of state capital stock is directly related with the GDP. This why countries that make high investments grow faster than the ones that do not.

1. The endogenous growth theory, therefore, asserts that given the significance of some public goods which are directly proportional to the country’s investments ability, such as technology, the government should always strive to implement a regulatory environment to protect intellectual property and enable human capital as some of the major drivers of endogenous economic growth.

1. The policies that enable steady-state growth rates of the capital intensity and labor productivity in the presence of technology and human capital or knowledge as such. They include copyright laws to protect the country’s public goods, such as technological applications and tools that enable sustained endogenous growth. Also, policies that educate the citizens such that the labor force is effective and the output per worker both in terms of capital and productivity work together towards increase the nation’s national income – GDP.

Problem 3

• Lewis mode of unlimited supply

Consider dual economy agriculture emfr

OW is a real wage in the agriculture sector

And average product per human

OW is the rate fixed in the modern sector, demand for lab increase from MP₁ to MP ₂

So that marginal product = OW

• Lewis assumes that all wages are consumed, and profit is reinvented to increase demand for labor with the expansion of the modern sector

Thus the absorption of surplus labor depends upon the distribution of income, which is the main source of capital accumulation, and only a few end up in the agriculture sector.

• The Lewis model puts emphasis on the question of how a traditional backward economy can be converted into a modern developed economy. This model compares the rural agricultural sector with the urban industrial sector (Sumner & Andy, 2018). Lewis assumed an economy that is subsistence in nature and not market-oriented. And the economy is essentially a labor surplus one. A constant migration of labor from traditional rural areas has to modern urban regions has been demonstrated. Wages remain low and constant for longer periods. Economic development occurs due to the increasing share of earnings, which was reinvested. In the long run, the reservoir of excess labor gets finished, investment accumulation tends to slow down, and payoffs get determined by marginal profit.

The key idea of the Harris-Todaro model is that “the rural-urban labor relocation in less developed countries is the gap in the average estimated wages rather than genuine wages. Estimated wages are calculated by the variance in real urban revenue and rural agronomic revenue and also on the possibility of a rural migrant’s attaining a job in the urban (Nagashima, 2018).

4) The wage difference between rural and urban sectors is the chief reason behind migration. But there is no assurance that all migrants from rural areas be absorbed in the urban informal sector. Such people become disguised urban unemployed (Panwar, & Mishra, 2017).

5) In order to get rid of the various circle of poverty, underdeveloped countries need investment in large-scale. This is well explained by the two theories of economic development.

Balanced growth: the government should make a simultaneous investment in all sectors to achieve growth.

Unbalanced growth: the government should create a situation of unbalanced by making an investment in any sector.

On that note, balanced growth is the dynamic strategy that the government should implement. It is of great significance by which a balance could be established between agriculture, industry, and trade.

Question 4

• Politician overlooks financial, vital, and objective interest while leading their exchange strategy. It happens in light of the fact that politician’s center around populist guarantees they have made deals with.

2a) Jazzboyys have an absolute advantage in the production of alligator’s meat (A). Jazzboys have an absolute advantage in the production of the polished music piece.

1. Amount produced by both in 8 hours will be as per below table:

Graphical representation production frontier

20. The opportunity cost for producing polished Music Pieces for Gatormen as explained below and as per PPF is; 1 music piece = 20.8 pounds of alligators meat for Gatormen
21. The opportunity cost for producing polished Music Pieces for Jazzboys as explained below and as per PPF is 1 Music piece = 4.8 pounds of meat.

So JazzBoys has a comparative advantage in selling Music pieces. Similarity

1. Opportunity Cost Of Gatormen for Alligator meat is 1 pound of alligator meat = 2,3 music pieces.
2. Gatormen has a comparative advantage in selling alligators Meat.
3. Such an arrangement would not work in either favor.

3. The Marginal Social Cost (MSC) to society of producing the goodwill exceeds the Marginal Private Cost (MPC) paid by the producer

The following figure shows the required demand and supply curve –

The table above shows the quantity supplied at various prices.

S=20+20P

P=S/20

D=200-10P

D= 200-(S/20)

As one can see, the Amount delivered is more than the amount needed; when the amount supplied is more than the amount demanded, the surplus is said to be prevailing in the market.

So, at a price equals $2, a surplus of 200-(S/20) units is prevailing in the market.

So, the equilibrium price (Pe) is $2, and the equilibrium quantity (Qe) is 9 units

References

Nagashima, M. (2018). A condition for the reduction of urban unemployment in the Harris-Todaro model. Asia-Pacific Journal of Regional Science, 2(1), 243-255.

Panwar, N. S., & Mishra, A. (2017). Migration and public policy in INDIA revisiting the HARRIS-TODARO model. Indian Journal of economics and development, 5, 11.

Sumner, Andy (2018) “is the Lewis model of economic development still relevant to developing countries”?