Extension to Analysis of a Monetary Economy

Hideaki Tamura

Chapter Chapter 4 in Human Psychology and Economic Fluctuation, 2006, pp 75-105 from Palgrave Macmillan

Abstract: Abstract In this chapter we perform an analysis (similar to that in the previous chapter) based on “The Human Income-Expenditure Balance in a Monetary Economy (a Household/Firm Model)” (Figure 1.10 of Chapter 1, Section 2), and show that our “basic equation of labor”—which we derived under the assumption of a non-monetary economy—is also applicable to a monetary economy. We then complete our theoretical framework by incorporating a mechanism—similar to that used in classical macroeconomic theory—for the determination of interest rates and price levels (money wages), before concluding the chapter with a discussion as to the measurability of utility parameters.

Keywords: Money Supply; Monetary Economy; Price Ratio; Human Psychology; Household Saving (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50563-6_5

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DOI: 10.1057/9780230505636_5

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