By Yoshihiro Maruyama
The short restoration of Asian economies from fresh recessions compared to the suffering American and eu economies may be attributed partially to the optimistic aggregate-demand externalities in their self-employment sectors. This e-book offers a behavioural research of this effect, with an in depth concentration on producer families.
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Additional resources for A Theory of the Producer-Consumer Household: The New Keynesian Perspective on Self-Employment
5) dQs dLs = −w < 0. 5a) = −(α + β)q + (α + β)(π + rK) or, alternatively, p dQs dLs dKh +w =r = 0, h h h p A proportionate change in family members has no effect on the factor employment and output of the family firm. Nor does it have any effect on the demand for hired capital service. 2. However, in this case the output of family firm is now consumable by family members, and the coefficient of h includes π of the family firm. The effect of a proportionate change in family members itself exceeds its negative effect on output consumption per member to produce a negative effect on the supply of output Qs , which in turn is compensated by a positive effect on labor supply Ls to pay for hired capital service Kh that remains constant.
Finally, the elasticity of the real supply wage rate εq (R) with respect to the consumption of goods will be shown to be equivalent to the reciprocal of the Robinsonian elasticity of substitution σR in the case in which the utility function U (e, q) is homothetic. a The relevant properties of a homothetic function Let U (e, q) be homothetic. Then, U (te, tq) = g(t)U (e, q), g (t) > 0, t > 0. (A1) Differentiating both sides of this equation with respect to t, eU1 (te, tq) + qU2 (te, tq) = g (t)U (e, q).
Respectively opposite effects are produced on leisure consumption since the endowment of time remains constant. 4). On the other hand, the whole of the increment in capital endowment is employed, the positive effect of which exceeds the indefinite effect of labor employment to produce a positive effect on output of the family firm. Hence, the consumption of output is expanded, the positive effect of which exceeds the indefinite effect of leisure consumption to produce a positive effect on the family welfare.
A Theory of the Producer-Consumer Household: The New Keynesian Perspective on Self-Employment by Yoshihiro Maruyama