General Equilibrium Modeling and Economic Policy Analysis

General equilibrium analysis focuses on resource allocation and output throughout an economy. This makes it a highly attractive vehicle for economic planning and policy analysis, and the applications of this modelling approach have undergone explosive growth over the past few years. This book brings together a range of distinguished economists for both capitalist and socialist countries to demonstrate the value of the general equilibrium approach to depict, compare, and chart policy for their respective economic systems. The book begins with an overview of the construction of general equilibrium models, moving on to their applications to finance and taxation and to international trade policy. The final section is devoted to economic planning in both market oriented and centrally planned economies.