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Theory of the Consumption Function / Milton Friedman.

By: Material type: TextTextPublisher: Princeton, NJ : Princeton University Press, [2018]Copyright date: ©1957Description: 1 online resourceContent type:
Media type:
Carrier type:
ISBN:
  • 9780691188485
Subject(s): DDC classification:
  • 339.47015118 22
Other classification:
  • online - DeGruyter
Online resources:
Contents:
Frontmatter -- Preface -- Contents -- List of Tables -- I. Introduction -- II. The Implications of the Pure Theory of Consumer Behavior -- III. The Permanent Income Hypothesis -- IV. Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income : Budget Studies -- V. Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income: Time Series Data -- VI. The Relation Between the Permanent Income and Relative Income Hypotheses -- VII. Evidence from Income Data on the Relative Importance of Permanent and Transitory Components of Income -- VIII. A Miscellany -- IX. Summary and Conclusion -- Index
Summary: What is the exact nature of the consumption function? Can this term be defined so that it will be consistent with empirical evidence and a valid instrument in the hands of future economic researchers and policy makers? In this volume a distinguished American economist presents a new theory of the consumption function, tests it against extensive statistical J material and suggests some of its significant implications. Central to the new theory is its sharp distinction between two concepts of income, measured income, or that which is recorded for a particular period, and permanent income, a longer-period concept in terms of which consumers decide how much to spend and how much to save. Milton Friedman suggests that the total amount spent on consumption is on the average the same fraction of permanent income, regardless of the size of permanent income. The magnitude of the fraction depends on variables such as interest rate, degree of uncertainty relating to occupation, ratio of wealth to income, family size, and so on. The hypothesis is shown to be consistent with budget studies and time series data, and some of its far-reaching implications are explored in the final chapter.
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Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9780691188485

Frontmatter -- Preface -- Contents -- List of Tables -- I. Introduction -- II. The Implications of the Pure Theory of Consumer Behavior -- III. The Permanent Income Hypothesis -- IV. Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income : Budget Studies -- V. Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income: Time Series Data -- VI. The Relation Between the Permanent Income and Relative Income Hypotheses -- VII. Evidence from Income Data on the Relative Importance of Permanent and Transitory Components of Income -- VIII. A Miscellany -- IX. Summary and Conclusion -- Index

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What is the exact nature of the consumption function? Can this term be defined so that it will be consistent with empirical evidence and a valid instrument in the hands of future economic researchers and policy makers? In this volume a distinguished American economist presents a new theory of the consumption function, tests it against extensive statistical J material and suggests some of its significant implications. Central to the new theory is its sharp distinction between two concepts of income, measured income, or that which is recorded for a particular period, and permanent income, a longer-period concept in terms of which consumers decide how much to spend and how much to save. Milton Friedman suggests that the total amount spent on consumption is on the average the same fraction of permanent income, regardless of the size of permanent income. The magnitude of the fraction depends on variables such as interest rate, degree of uncertainty relating to occupation, ratio of wealth to income, family size, and so on. The hypothesis is shown to be consistent with budget studies and time series data, and some of its far-reaching implications are explored in the final chapter.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021)