Question
An economy in which both traditional and modern method
are present is called?Solution
Dual economy is a feature of developing countries. Here one can find both usage of traditional methods and modern methods, both capital and labor intensive sectors. It 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.
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