Lewis Model and Ranis-Fei Model | Economics

The upcoming discussion will update you about the difference between Lewis model and Ranis-Fei model. According to Rains-Fai point (end of the first phase) in Fig 1 shows the Lewis turning point i.e. the point after which the supply curve of labour in the industrial sector will turn upwards. However Lewis himself did not consider this point as the upward [...]