What is Sir W Arthur Lewis Net Worth? Well, Sir W Arthur Lewis was born on January 23, 1915, in Castries, Saint Lucian, and is an economist. Sir W. Arthur Lewis was a St. Lucian economist who is best known for his contribution to economic development. When black people were usually excluded from this academic profession, then the brilliance of Sir W Arthur Lewis broke through one barrier after another. He has been a scholar and economic adviser to many international commissions and several African, Asian, and Caribbean governments.
He was also the first black professor in the British university system. And later at Princeton University in the United States. Arthur Lewis is said to be the first person of Africa descent to be awarded the Nobel Prize in a field other than peace. He made significant contributions to British government politics in his early years and later applied his ideas to economic development as an advisor to various African governments. Sir Arthur was not only a renowned carrier in academics. The same number of years is being spent by him in administration. For more information on this brilliant person, check out the bio, net worth, career, and more right below.
Sir W Arthur Lewis Net Worth:
What is Sir W Arthur Lewis Net Worth? Well, Sir Arthur Lewis’s net worth is unknown. Although, upon graduation, Lewis initially had the option of becoming an engineer. He made the possible transition into business because the government and British colonial companies such as St. Lucia refuses to hire black people. At the age of 18, he went on to receive scholarships to attend the London School of Economics. This was not only an opportunity for Lewis to study at what is perhaps the most prestigious business school in the world but he would also become the first black man ever to be recognized at the LSE.
While he’s enrolled, Lewis will do as well here as he did in class at school. Lewis’ academic excellence was noticed and admired by his peers and teachers. While at LSE, Lewis had the chance to study his favorites Lionel Robbins, John Hicks, Arnold Plant, and Friedrich Hayek. After graduating with a bachelor’s degree in 1937 and completing his Ph.D. degree in 1940 from the London School of Economics (LSE) under the direction of Arnold Plant, Lewis worked as a staff member at the LSE until 1948. In 1947 he married Gladys Jacobs, with whom he had two daughters.
Sir W Arthur Lewis Contribution To Economics:
Lewis abstracted the dual sector model in his 1954 publication called Economic Development with Unlimited Labor Supplies. The Lewis model aims to provide a framework for understanding how relatively poor countries can develop economically. He acknowledged that one of the common characteristics of poor countries is that their economies consist mainly of the “Subsistence sector”, where the supply of labor is very high and the capital invested in workers is scarce.
The Lewis model illustrates one way in which a developing economy can foster the growth of a new “capitalist sector” that will employ an ever-increasing proportion of the surplus subsistence labor force. Over a period of time, this capitalist sector can surpass the subsistence sector, dominating overall economic development.
Like all economic theories, the Lewis model relies on simple assumptions to explain the reason. Therefore, the Lewis model can never be perfectly applied to reality. However, it is widely appreciated and used by economists interested in how developing countries can escape poverty and create wealth. For example, many economists have used the Lewis Model as a framework to explain the remarkable economic developments that China has achieved over the past few decades.
Sir W Arthur Lewis Life As A Lecturer:
After completing his bachelor’s degree in 1937 and his doctorate in 1940 at the LSE, Lewis worked as an employee at the LSE until 1948. After a brief stint at the LSE, he was elected a lecturer at the University of Manchester and moved there. With his family. He taught in Manchester until 1957. In 1963 he was appointed professor at Princeton University and moved to the United States. Lewis served at Princeton for the next two decades where he spent his time teaching generations of students until he retired in the year 1983.
Awards: Sir W Arthur Lewis
In 1963 Arthur Lewis was knighted by Her Majesty The Queen for his contribution to the economy. Sir W Arthur Lewis shared the 1979 Nobel Prize in Economics with Theodor Schultz for his groundbreaking research on economic development with a particular focus on developing country problems. He received the award after 25 years of service in the field of economics. This award is given for research on developing country economic problems.
Apart from Nobel Prize, Sir Arthur has earned numerous awards which include Honorary Fellows from the London School of Economics and the Weizmann Institute. Also, he has achieved a number of honorary grades from the University of the West Indies, Boston College, University of Manchester, Columbia University, University of Toronto, and the University of Lagos.