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The Household Sectors’ Initial Choices

In: The World Economy, Population Growth, and the Global Ecosystem

Author

Listed:
  • Harland Wm. Whitmore

Abstract

The household sectors face a wide variety of choices in this model. They select their consumption of the nontraded renewable resource produced in their country (R1, R2, or R3), their consumption of the consumer goods, C, produced in Country Three, their supply of labor to their country’s labor market, the number of childbirths in their country, the level of general (nonsanitation) public services (and the corresponding level of personal taxes) to be provided by their country’s government sector next period, and their current saving. Each household sector must also decide its planned holdings of money and bonds for the end of the period. These portfolio decisions must conform to the sector’s planned saving during the period. In particular, with all assets and liabilities measured in current-period prices, the net value of the planned accumulations or decumulations of money and bonds during the period must equal the sector’s planned nominal saving during the period.

Suggested Citation

  • Harland Wm. Whitmore, 2007. "The Household Sectors’ Initial Choices," Palgrave Macmillan Books, in: The World Economy, Population Growth, and the Global Ecosystem, chapter 4, pages 47-55, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-60730-9_4
    DOI: 10.1057/9780230607309_4
    as

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