What is the Clark fisher model?

Answer 1

The Clark-Fisher Model is an economic theory that describes how the structure of an economy evolves over time through three distinct sectors: primary (agriculture), secondary (manufacturing), and tertiary (services). As a country develops, there is a shift from reliance on the primary sector to the secondary and then the tertiary sector, reflecting changes in employment and productivity. This model illustrates the transition from agrarian economies to industrialized and, finally, post-industrial economies, highlighting the increasing importance of services in advanced economies.