By Hans C. Blomqvist, Mats Lundahl (auth.)
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Extra resources for The Distorted Economy
Thus, the production possibility curve must contain points such as H and I, northwest of the straight line DE. We may therefore repeat the reasoning. 5) Li units of labour and Ki units of capital are used in manufacturing. , with FH) we must increase the factor use in the manufacturing sector with Li Lh and Ki Kh . But the same factors could have been employed to produce IF agricultural goods. We may draw another box with sides Li Lh and Ki Kh with the end points i and h and the diagonal ih. Thereafter we may repeat the reasoning above and demonstrate that the efficient production points between I and H must lie to the northeast of IH if the factor intensity differs between the sectors.
The choice of the consumers (`society') is determined by the relative prices, given the preferences and the income. 11 Equilibrium in the commodity market Manufactures 34 The Distorted Economy to the income level in society and an indifference curve. All other indifference curves cut the price line and lie to the southwest of the curve that is tangent to the line. Hence they represent a lower social utility. On the production side the price line determines where on the production possibility curve production will take place.
D. N. (1957), `The Convexity of the Production Possibility Function', Economic Journal, Vol. 67. Basic consumption theory can be found in: Green, H. A. John (1971), Consumer Theory. Penguin, Harmondsworth. Kogiku, Microeconomic Models, ch. 1. Social indifference curves are dealt with in: Chacholiades, International Trade Theory and Policy, ch. 4. Leontief, Wassily W. (1933), `The Use of Indifference Curves in the Analysis of Foreign Trade', Quarterly Journal of Economics, Vol. 47. Lerner, Abba P.