By Yoshihiro Maruyama
The short restoration of Asian economies from contemporary recessions compared to the suffering American and eu economies might be attributed partly to the optimistic aggregate-demand externalities in their self-employment sectors. This publication provides 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
Q ∂p 0 if εe (R) (α + β)e , pQ s εe (R) ≡ ∂R e , ∂e R R≡ U1 . 7) Finally, the response of output supply combines that of the family firm and that of its owner household. The sign of its response is shown to be positive at its zero level. At its positive level its response depends critically on the value of the elasticity of output ηp (Q) with respect to its price. Unless the elasticity is smaller than the marketed ratio of output Q s /Q, it proves to be positive. Otherwise, it remains indefinite, leaving some room for a backward-bending supply curve.
1 = σR − de e 1 dq g (1) + 1 − g (1) + σH q de dq − q e = 1 g (1) + 1 − g (1) σH 1 g (1) + 1 − g (1). σH (A9) Therefore, 1 1 = σR σH which is shown by Hicks (1932). for g(t) = t, (A10) 28 A Theory of the Producer-Consumer Household c The elasticity of the real supply rate of wage εq (R) with respect to the consumption of goods is shown to be equivalent to the reciprocal of the elasticity of substitution σ R defined by Robinson (1933) εq (R) ≡ ∂ ∂q U1 U2 ∂R R ∂q , q R≡ U1 . U2 U2 1 q = (U2 U12 − U1 U22 )q.
A change in the technological level with the effects of changes in full income, internal wage rates and rates of rental suppressed has no effect on other variables since it leaves the full income intact and output of the family firm is chosen to be numeraire. (1-e) Restated responses to the change in internal rates and exogenous variables. Noting that the internal rates are endogenous, responses of other endogenous variables to the change in exogenous variables are examined in a more factual way.
A Theory of the Producer-Consumer Household: The New Keynesian Perspective on Self-Employment by Yoshihiro Maruyama