This important book presents a theory of general equilibrium and
was the first to present in condensed form 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. It assembles a body of analysis that was
previously available only in scattered journal articles and a few
textbook chapters.
In the first of three chapters Johnson constructs the two-sector
model, using only geometric tools, and establishes the basic
relationships between commodity and factor prices and between
production allocation and the distribution of income. He then
discusses the determination of full general equilibrium and the
possibility of multiple equilibrium. In a second chapter he
examines the effects of various kinds of changes in the parameter
of the system on the distribution of income. He also considers both
changes in factor quantities and changes in technology, and the
economics of various kinds of government policies for the
redistribution of income, with special reference to the possibility
of altering the distribution of income by trade union action and by
minimum wage laws. Finally the author converts the two-sector model
into a model of economic growth by converting one of the sectors
into a capital-goods producing sector. He discusses questions such
as the stability of equilibrium and the uniqueness of the
steady-state growth path of the economy.
The book is rounded out with three appendixes: the basic
mathematics of the one-sector growth model, the standard against
which the analysis of the two-sector model is mainly constructed;
an analysis of the distributional effects of excise taxation; and
an extension of the analysis to the general equilibrium
consequences of the existence of public goods. This is an essential
text for students and is especially useful for courses in price
theory, international economics, and public finance.
"Harry G. Johnson" was professor of economics at the London
School of Economics and the University of Chicago. He was a fellow
of the American Academy of Arts and Sciences and a member of the
executive committee of the American Economic Association. He has
been editor of "The Manchester School" and the "Journal of
Political Economy" and has served on the research staff of the
Royal Commission on Banking and Finance, as a consultant to the
Board of Governors of the Federal Reserve System and as a member of
the review committee on Balance of Payments Statistics.
General
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