Fei–Ranis model of economic growth

The Fei–Ranis model, developed by economist Erik Fei and Gustav Ranis in the 1960s, is a model of economic growth that primarily focuses on the dual economy framework, which divides an economy into two sectors: the traditional agricultural sector and the modern industrial sector. The model aims to explain how economic development occurs in a dual economy and how labor and resources move from the traditional sector to the modern sector.