Two-Sector Model of General Equilibrium
Language: English
Published by Routledge, 2023
Series: Book 4 of 4 - Harry G. Johnson on Trade Strategy & Economic Policy
- Softcover
- New
Seller: GreatBookPricesUK, Woodford Green, United KingdomGreatBookPricesUK
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- Title
- Two-Sector Model of General Equilibrium
- Author
- Johnson, Harry G.
- Publisher
- Routledge
- Publication year
- 2023
- Condition
- New
- Binding
- Soft cover
- Language
- English
- ISBN 10
- 1032050063
- ISBN 13
- 9781032050065
- Series
- Book 4 of 4: Harry G. Johnson on Trade Strategy & Economic Policy
Originally published in 1971, this book presents in a lucid form the basic model of distribution in a two-sector general equilibrium system. While this model has been used by many economists, this was the first synoptic exposition of it to become readily available to students. The first part develops the two-sector model and its properties, using the geometrical tools of international trade theory. The second applies the model to some standard problems in the theory of income distribution, including the economics of redistributive taxes and subsidies, of trade union organization, and of minimum wage laws. The third part converts the model into a growth model and develops the conditions for convergence on a steady-state growth path and for the maximization of consumption per head at all points of time.
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