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Models of Subsistence Consumption

Robin Maialeh
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Robin Maialeh: University of Economics

Chapter Chapter 5 in Dynamic Models and Inequality, 2020, pp 83-118 from Springer

Abstract: Abstract As was showed in the fourth chapter, the fundamental aspect of agents’ behaviour relates to self-preservation. Despite there are various options how to comprehend self-preservation in economics, we can generally understand it as expending a certain amount of resources in order to reproduce to the next period. This idea closely relates to a range of economic literature that is dedicated to subsistence consumption. The difference between using the term ‘reproduction’ instead of ‘subsistence’ is here rather semantical and it is not meant to be crucial for our further analysis. Nevertheless, in our sketchy understanding, reproduction more directly links to the dynamic processes, while subsistence has rather static connotations. This is potentiated by the fact that for most relevant articles it is common to consider subsistence consumption as constant. Nevertheless, we will use these terms throughout this book interchangeably with a preference to use the term ‘subsistence consumption’, following the practice of the field of study where this book is written.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-030-46313-7_5

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DOI: 10.1007/978-3-030-46313-7_5

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