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A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand. The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.
The economic rationale behind this idea of labor reallocation is that of faster economic development. The essence of labor reallocation lies in Engel's Law , which states that the proportion of income being spent on food decreases with increase in the income-level of an individual, even if there is a rise in the actual expenditure on food.
The Dual Sector model, or the Lewis model, is a model in developmental economics that explains the growth of a developing economy in terms of a labour transition between two sectors, the subsistence or traditional agricultural sector and the capitalist or modern industrial sector.
The coincidence of wants (often known as double coincidence of wants) [1] [2] [verification needed] is an economic phenomenon where two parties each hold an item that the other wants, so they exchange these items directly. Within economics, this has often been presented as the foundation of a bartering economy. [3]
There are many examples of countries that have converged with developed countries which validate the catch-up theory. [5] Based on case studies on Japan, Mexico and other countries, Nakaoka studied social capabilities for industrialization and clarified the features of human and social attitudes in the catching-up process of Japan in the Meiji period (1868-1912).
The Fed’s dual mandate requires that officials keep a close watch on employment and inflation figures, such as the monthly jobs report, the consumer price index (CPI) and the personal ...
For example, in public finance the Robinson Crusoe economy is used to study the various types of public goods and certain aspects of collective benefits. [2] It is used in growth economics to develop growth models for underdeveloped or developing countries to embark upon a steady growth path using techniques of savings and investment. [3]
A two-sided market, also called a two-sided network, is an intermediary economic platform having two distinct user groups that provide each other with network benefits. The organization that creates value primarily by enabling direct interactions between two (or more) distinct types of affiliated customers is called a multi-sided platform. [1]