A Theory of the Producer-Consumer Household: The New by Yoshihiro Maruyama
By Yoshihiro Maruyama
The fast restoration of Asian economies from fresh recessions compared to the suffering American and ecu economies might be attributed partially to the optimistic aggregate-demand externalities in their self-employment sectors. This ebook offers a behavioural research of this effect, with an in depth concentration on producer families.
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Additional info for A Theory of the Producer-Consumer Household: The New Keynesian Perspective on Self-Employment
1. In this figure, the input of capital service is set at its equilibrium level K o , which is indicated by the asterisk on cF1 . Whereas, in the wage employment the rate of wage is given by the market so that the household can supply as much labor as it wants at the same rate of wage, since the market for labor is perfectly competitive. The composite employment opportunity or the composite demand for labor is obtained by horizontally summing the two employment opportunities or the demand curves which results in the curve ABC in this figure.
A Prototype Model of the Producer-Consumer Household 11 The two effects are cooperative in the case of consumption good, while they are counteracting in the case of leisure. The substitution effect is proportional to the ratio of consumption expenditure to wage income, while the income effect to the elasticity of the real supply rate of wage εq (R) with respect to per capita consumption. The net effect depends on their balance. In particular, if labor supply L∗s is equal to zero, the associated income effect is not produced.
This relation is divided into two parts since it is decomposable. pcF11 pcF21 x1 pcF12 dL = ds, pcF22 dK x2 ⎡ ⎤ ⎤⎡ ⎤ ⎡ x3 U11 U12 −w de ⎢ ⎥ ⎥⎢ ⎥ ⎢ U21 U22 −1 ⎦⎣dq ⎦ = ⎣x4 ⎦ds. 2) These expressions will be expanded with respect to a few parameters of interest, which closely follows the convention of the usual comparative statics analysis (for example, Henderson and Quandt, 1980). (i) Responses to the change in full income and endowments Now full income includes the residual profit of its family firm.