This work is an extension of the existing literature on growth of factors of production, output expansions, and welfare of a nation involved in international trade. It used to be an accepted notion that growth augments welfare without question, until Jagdish Bhagwati and, later, Harry Johnson provided contrarian views on the issues under specified conditions. Here, in this article, an attempt is made to generalize the 2 × 2 models of Bhagwati and Johnson on factor growth, resource allocation, and welfare. The effects of growth on output changes and conditions for immiserizing growth are enunciated in this modified general equilibrium framework.


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    Title :

    Growth, Resource Allocation, and Welfare: An Extension to Non-Traded and Intermediate Goods


    Contributors:

    Published in:

    Publication date :

    2017




    Type of media :

    Article (Journal)


    Type of material :

    Print


    Language :

    English



    Classification :

    BKL:    83.72 Verkehrswirtschaft / 83.71 Handel
    Local classification FBW:    oek 3855




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