Abstract
Building on Ricardo's two-sector corn model, this paper develops a classical alternative to the standard neoclassical two-by-two general equilibrium model. The alternative model has the following characteristics: (1) as against related neo-Ricardian work, it is fully causal and capable of tracing the economy's traverse from arbitrary initial conditions to a growth steady state (with land-augmenting technical progress); and (2) the simultaneous presence of a wage fund and of land makes possible the incorporation of expectations formation and perfect-foresight equilibrium. Copyright 1989 by The London School of Economics and Political Science.
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