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The Human Income-Expenditure Balance

In: Human Psychology and Economic Fluctuation

Author

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  • Hideaki Tamura

Abstract

In this chapter, we put together a “basic human accounting” framework that illustrates the interdependence of various “accounts”—utility, goods, (work) time, and money—with a view to illustrating the importance of various psychological factors and the causal connections between them. We then show that human “demand” derives not from exogenous income as determined by corporate and government investment and the initial allocation of production elements, but from the fact that the utility gained from goods inevitably declines over time. In other words, the concept of “diminishing utility” is at the heart of our analysis.

Suggested Citation

  • Hideaki Tamura, 2006. "The Human Income-Expenditure Balance," Palgrave Macmillan Books, in: Human Psychology and Economic Fluctuation, chapter 0, pages 5-29, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50563-6_2
    DOI: 10.1057/9780230505636_2
    as

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