Sir William Arthur Lewis was an economist and the James Madison Professor of Political Economy at Princeton University Lewis. He is widely known for his contributions in the field of economic development, for which he was awarded the 1979 Nobel Prize for Economics for his studies of economic development. He is credited with the construction of an innovative model relating the terms of trade between less developed and more developed nations to their respective levels of labour productivity in agriculture.
Sir Arthur Lewis, in full Sir William Arthur Lewis, was born on January 23, 1915. Lewis attended the London School of Economics after winning a government scholarship. He graduated in 1937 and received a Ph.D. in economics there in 1940. He served as an adviser on economic development to many international commissions and to several African, Asian, and Caribbean governments. He helped establish, and in 1970–73 headed the Caribbean Development Bank. He was knighted in 1963. He wrote several books that are studied even due to their nuanced insights into economics. He passed away on 15 June 1991.
1 The subsistence level is only a conventional idea, and conventions change. -Arthur Lewis
Definitions of things change as time changes. The subsistence level, i.e the minimum requirements meant to sustain oneself also changes as times change.
2 Education is the great growth industry of the Third World. -Arthur Lewis
The Third World countries can improve their condition only by providing proper education for the masses. Education is the first step towards a better and developed nation.
3 When the developed grow fast, the developing grow fast, and when the developed slow down, the developing slow down. -Arthur Lewis
The fate of the developing nations is closely intertwined with that of the already developed nations. The trade and economics of the developed nations determine that of the rest.
4 The strength of the scientific establishment in any country is related to its general level of education. -Arthur Lewis
Scientific progress in a country is closely related to the scientific development of the nation. Without proper literacy rates, a country cannot dream of scientific progress or technological development.
5 Science affects all our ways of thinking about the world. -Arthur Lewis
Science gives you a new perspective in life. It changes the way you think about even the trivial things. The narrow lens that you once viewed the world with suddenly becomes wide open, lending you a new point of view which is laced with unending curiosity.
6 We need no elaborate statistical proof that trade depends on prosperity in the industrial countries. -Arthur Lewis
World trade largely depends on the status of the developed nations. Their economical condition is what determines those of the rest of the countries.
7 We cannot give our students all that they expect, whether by way of the quality of their schooling or by way of the jobs that they were hoping to get. -Arthur Lewis
You cannot always hope to keep everyone happy. As much as it is the responsibility of the government to meet up to the expectations of the students, one cannot always do that. Sometimes the students have to do that themselves.
8 Student frustration is a worldwide phenomenon, pushing our societies into adjusting faster than they are used to. -Arthur Lewis
Throughout history, it is the agitation of the students that has brought about changes in a nation. It is their will that has forced the countries to change and adjust.
9 The fundamental cure for poverty is not money but knowledge. -Arthur Lewis
It is not money or wealth that uplifts and abolishes poverty but knowledge. Money is just a temporary relief that will soon vanish if you do not have the knowledge that is required to sustain yourself.
10 Collective judgement of new ideas is so often wrong that it is arguable that progress depends on individuals being able to back their own judgement despite collective disapproval. -Arthur Lewis
If history has taught us anything, then it is that the society is often wrong in their judgement of possible innovations. It is individual efforts that have always brought progress while the society has collectively stood against such judgements.
10 Wise Quotes By Sir William Arthur Lewis!
1. The subsistence level is only a conventional idea, and conventions change. -Arthur Lewis
2. Education is the great growth industry of the Third World. -Arthur Lewis
3. When the developed grow fast, the developing grow fast, and when the developed slow down, the developing slow down. -Arthur Lewis
4. The strength of the scientific establishment in any country is related to its general level of education. -Arthur Lewis
5. Science affects all our ways of thinking about the world. -Arthur Lewis
6. We need no elaborate statistical proof that trade depends on prosperity in the industrial countries. -Arthur Lewis
7. We cannot give our students all that they expect, whether by way of the quality of their schooling or by way of the jobs that they were hoping to get. -Arthur Lewis
8. Student frustration is a worldwide phenomenon, pushing our societies into adjusting faster than they are used to. -Arthur Lewis
9. The fundamental cure for poverty is not money but knowledge. -Arthur Lewis
10. Collective judgement of new ideas is so often wrong that it is arguable that progress depends on individuals being able to back their own judgement despite collective disapproval. -Arthur Lewis
