This book reports the results of five empirical studies undertaken
in the early seventies by a collaboration headed by Professor
Morishima. It deals with applications of the general equilibrium
models whose theoretical aspects have been one of Professor
Morishima's main interests. Four main econometric models are
constructed for the USA, the UK, and Japan. These are used as a
basis for the discussion of various topics in economic theory, such
as: the existence and stability or instability of the neoclassical
path of full employment growth equilibrium and a von Neumann-type
path of balanced growth at constant proces; the antimony between
price-stability and full employment; the Samuelson-LeChatelier
principle; the theory of the balanced-budget multiplier; the three
Hicksian laws of the gross substitutes system; the Brown-Jones
super-multipliers of international trade, and so on. In addition,
this 1972 work makes a quantitative evaluation for the US economy
of monetary and fiscal policies as short-run measures for achieving
full employment; the effectiveness of built-in flexibility of taxes
in the UK economy is discussed; and estimates are made of the rapid
decrease in disguised unemployment in post-war Japan.
General
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