Sir Arthur Lewis, in full Sir William Arthur Lewis, (conceived Jan. 23, 1915, Castries, Saint Lucia, British West Indies—kicked the bucket June 15, 1991, Bridgetown, Barbados), Saint Lucian business analyst who imparted (with Theodore W. Schultz, an American) the 1979 Nobel Prize for Economics for his investigations of monetary turn of events and his development of an imaginative model relating the terms of exchange between not so much grew but rather more created countries to their particular degrees of work usefulness in agribusiness.
Lewis went to the London School of Economics subsequent to winning an administration grant. He graduated in 1937 and got a Ph.D. in financial matters there in 1940. He was a teacher at the school from 1938 to 1947, educator of financial aspects at the University of Manchester from 1947 to 1958, head of University College of the West Indies in 1959–62, and teacher at Princeton University from 1963 to 1983. He filled in as consultant on financial improvement to numerous worldwide commissions and to a few African, Asian, and Caribbean governments. He set up, and in 1970–73 headed, the Caribbean Development Bank. Lewis was knighted in 1963.
Lewis composed a few books, including The Principles of Economic Planning (1949), The Theory of Economic Growth (1955), Development Planning (1966), Tropical Development 1880–1913 (1971), and Growth and Fluctuations 1870–1913 (1978)
Theodore William Schultz
Theodore William Schultz, (conceived April 30, 1902, close to Arlington, South Dakota, U.S.— passed on February 26, 1998, Evanston, Illinois), American farming financial expert whose persuasive investigations of the job of “human resources”— instruction, ability, energy, and will—in monetary improvement won him an offer (with Sir Arthur Lewis) of the 1979 Nobel Prize for Economics.
Schultz moved on from South Dakota State College in 1927 and acquired his Ph.D. in 1930 at the University of Wisconsin, where he was affected by John R. House and other change disapproved of scholars. He educated at Iowa State College (1930–43) and at the University of Chicago (1943–1972), where he was top of the financial aspects office from 1946 to 1961.
In Transforming Traditional Agriculture (1964), Schultz tested the predominant view, held by advancement market analysts, that ranchers in non-industrial nations were nonsensical in their reluctance to advance. He contended that, despite what might be expected, the ranchers were making levelheaded reactions to high assessments and falsely low harvest costs set by their legislatures. Schultz additionally noticed that administrations in non-industrial nations came up short on the agrarian expansion administrations basic for preparing ranchers in new techniques. He saw agrarian advancement as a precondition for industrialization.
As an observational market analyst, Schultz visited ranches when he headed out to acquire a superior comprehension of farming financial matters. After World War II, he met an old and evidently helpless ranch couple who appeared to be very happy with their life. He asked them for what reason. They addressed that they were not poor; profit from their ranch had permitted them to send four youngsters to school, and they accepted that training would upgrade their kids’ efficiency and, therefore, their pay. That discussion drove Schultz to define his idea of human resources, which he closed could be concentrated by utilizing similar terms applied to nonhuman capital. Human resources, nonetheless, could be communicated as useful information.
Among his distributions were Agriculture in an Unstable Economy (1945), The Economic Value of Education (1963), Economic Growth and Agriculture (1968), Investment in Human Capital (1971), and Investing in People: The Economics of Population Quality (1981).