## The Two-Sector Model of General Equilibrium |

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absolute share accumulation aggregate analysis assumed assumption budget line capital per head capital stock capital-intensive capital-labour ratio capital's capitalists commodity prices commodity-price ratio constant consumption per head consumption point contract curve corresponding cost determined economy effective labour force elasticity of substitution equal equilibrium point excess demand excess supply exogenously given F1gure factor owners factor prices factor-price ratio fall growth equilibrium growth model growth rate illustrated in Figure income distribution increase indifference curves individual industry intersect investment requirement curve isoquant keep capital labour-intensive lecture marginal product minimum wage non-unionized labour numeraire one-sector model output per head preference system price of capital price ratio problems product of capital production function production point quantity rate of return real income redistribution reduce relative price relative share represented return on capital returns to scale Ricardian model rise Rybczynski line slope steady-state growth stock of capital tangent technical progress theory tion transformation curve two-sector model unionized labour unstable