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The Basic Model for the Integration

In: The General Economic Theory

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  • Wei-Bin Zhang

    (Ritsumeikan Asia Pacific University)

Abstract

This chapter starts the process of constructing the theory by building a model, called the basic model in this book, similar to the Solow–Swan model with an alternative concept of disposable income and utility function. It defines the basic model and its relations with some core growth models in macroeconomics. The first two sections develop the basic model and examine its behavior. Section 2.3 provides a theoretical foundation for the utility function proposed by the author. Section 2.4 shows that the rational behavior of household in the basic model yields the same economic mechanism as in the Keynesian consumption function. Section 2.5 shows that the basic model generates the same economic phenomena as the Solow growth model if I specify some preference change. Section 2.6 shows that the basic model generates the same economic phenomena as the Ramsey–Cass–Koopmans model with some endogenous preference change.

Suggested Citation

  • Wei-Bin Zhang, 2020. "The Basic Model for the Integration," Springer Books, in: The General Economic Theory, chapter 0, pages 19-39, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-56204-5_2
    DOI: 10.1007/978-3-030-56204-5_2
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