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Published equation contexts

St+1=(1−δ) St+Ht−Ct−TtS_{t+1} = (1-\delta)\,S_t + H_t - C_t - T_t

Why this formula appears here

The dynamics are simple enough to write down, and writing them down exposes an assumption that verbal accounts tend to hide. Let the stock carried into the next period be St+1=(1−δ) St+Ht−Ct−TtS_{t+1} = (1-\delta)\,S_t + H_t - C_t - T_t. where StS_t is the stock held, HtH_t the harvest added, CtC_t own consumption, TtT_t the quantity appropriated by others, and δ\delta the proportional loss rate to pests, damp and spoilage. The equation is illustrative rather than estimated, and its value is that it separates two subtractions usually conflated. Grain that rots is gone; grain that is taken still exists and has changed owner. A society can be losing a large share of its stock while nobody is being taxed at all, and a low loss rate is what makes a…

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St+1S_{t+1}

Symbol S_t+1

StS_t+1 is the next indexed value. The formula starts from StS_t and applies the additions and subtractions shown on the right.

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Published contexts (1)

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St+1=(1−δ) St+Ht−Ct−Tt,S_{t+1} = (1-\delta)\,S_t + H_t - C_t - T_t,

Equation 1 · Agriculture & Cities

The Granary as an Institution

This equation states an equality: the expressions on both sides have the same value under the article’s assumptions.

The dynamics are simple enough to write down, and writing them down exposes an assumption that verbal accounts tend to hide. Let the stock carried into the next period be St+1=(1−δ) St+Ht−Ct−TtS_{t+1} = (1-\delta)\,S_t + H_t - C_t - T_t. where StS_t is the stock held, HtH_t the harvest added, CtC_t own consumption, TtT_t the quantity appropriated by others, and δ\delta the proportional loss rate to pests, damp and spoilage. The equation is illustrative rather than estimated, and its value is that it separates two subtractions usually conflated. Grain that rots is gone; grain that is taken still exists and has changed owner. A society can be losing a large share of its stock while nobody is being taxed at all, and a low loss rate is what makes a…

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