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Erschienen in:
2015 | OriginalPaper | Buchkapitel
The setup of the model
verfasst von : Hendrik Hagedorn
Erschienen in: A model of Austrian economics
Verlag: Springer Fachmedien Wiesbaden
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All economic activity in the model is borne by decentralized actions of agents. These agents are categorized as households, firms, and banks each assuming the following economic functions. The households buy and consume goods, make investments, and provide labor to firms. The firms, on the other hand, hire labor and purchase capital goods in order to produce and sell goods. The banks, finally, act as the financial intermediaries between households and firms. That is, they manage transactions between non-bank agents, they offer saving contracts to households and loan contracts to firms, and they facilitate purchases of equity (Figure 2.1).