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Two-sector model of general equilibrium. (reprint, 1971).


Two-sector model of general equilibrium. (reprint, 1971)

Johnson, Harry G.



118 pages




This classic treatment was the first to provide in condensed form the theory of general equilibrium and the construction of the two-sector model, its applications to the theory of distribution and public finance for income redistribution, and its conversion into a growth model. Johnson (late economics, London School of Economics and the U. of Chicago) notes applications to price theory, international economics and public finance as he covers the two-sector model of production and distribution using only geometric tools, establishing the basic relationship between commodity and factor prices and between production allocation and the distribution of income. He then applies the model to the two-sector model of economic growth, and includes very useful appendices on the mathematics of the one-sector model, general equilibrium analyses of excise taxes, and general equilibrium with public goods.

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Publication:Reference & Research Book News
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Date:May 1, 2008
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