Analysis of a Non-Monetary Economy

Hideaki Tamura

Chapter Chapter 3 in Human Psychology and Economic Fluctuation, 2006, pp 59-74 from Palgrave Macmillan

Abstract: Abstract In this chapter we use “The Human Income-Expenditure Balance in a Non-Monetary (Robinson Crusoe) Economy” (Figure 1.6 of Chapter 1, Section 1) to construct a theoretical framework in which output and the allocation of resources are simultaneously determined as a result of the process whereby a person maximizes expected total utility (the sum of expected utility from goods and utility of leisure) against a backdrop of diminishing utility, and derive the “basic equation of labor” for a non-monetary economy.

Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50563-6_4

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DOI: 10.1057/9780230505636_4

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