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Extension to Analysis of a Monetary Economy

In: Human Psychology and Economic Fluctuation

Author

Listed:
  • Hideaki Tamura

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.

Suggested Citation

  • Hideaki Tamura, 2006. "Extension to Analysis of a Monetary Economy," Palgrave Macmillan Books, in: Human Psychology and Economic Fluctuation, chapter 0, pages 75-105, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50563-6_5
    DOI: 10.1057/9780230505636_5
    as

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