Household Dynamics uniquely integrates dynamic decision-making by households, the collective implications of those decisions for economic growth and inequality, and their consequences for policy. The author develops dynamic household models of consumption, saving, human capital accumulation, investments in children, intergenerational transfers, division of labor, and fertility; the models' implications are then intuitively assessed in terms of the empirical literature, enabling a rich microeconomic analysis of tax, ...
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Household Dynamics uniquely integrates dynamic decision-making by households, the collective implications of those decisions for economic growth and inequality, and their consequences for policy. The author develops dynamic household models of consumption, saving, human capital accumulation, investments in children, intergenerational transfers, division of labor, and fertility; the models' implications are then intuitively assessed in terms of the empirical literature, enabling a rich microeconomic analysis of tax, transfer, and social insurance policies. The household results are the basis for important models of economic growth. These encompass the role of human capital in inequality, transitional dynamics, and longer-term neoclassical and endogenous growth, and the relationships among population, technology, and economic growth. Fiscal policy applications include generational accounting, income taxation, and subsidies to human capital. The book's accessibility makes it appropriate for adoption as the core text for advance undergraduate and master's level courses. Although the models are developed in-depth, the analysis presupposes only a solid grounding in intermediate economic theory and familiarity with basic concepts of differential calculus--econometrics is not employed.
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