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Two-Sector General Equilibrium Model: Numerical and Graphical Representations of an Economy

A. Noguchi
Journal / Anthology

The Mathematica Journal
Year: 1991
Volume: 1
Issue: 3
Page range: 96-103

This article describes a method of obtaining a numerical solution of the two-sector general equilibrium model, an economic system having two commodities and two production factors. In addition, the graphical representation of equilibrium solutions using two common geometrical tools, the Edgeworth-Bowley box diagram and the production-possibilities curve, is handled by Mathematica's graphical functions. Program extensions for more complex economic models, e.g., an economic growth model, an open economy model and a multicommodity model are also described.

*Business and Economics