9780691138862

Theory of the Consumption Function (National Bureau of Economic Research)

Friedman, Milton

ISBN 10: 0691138869 / 0-691-13886-9
ISBN 13: 9780691138862
Publisher: Princeton University Press
Publication Date: 2008
Binding: Softcover
Editorial Reviews:
Synopsis:

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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A Theory of the Consumption Function (ISBN: 9780691138862)
Friedman, Milton
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Theory of the Consumption Function (ISBN: 9780691138862)
Friedman, Milton
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Friedman, Milton
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Book Description: Princeton University Press, United States, 2008. Paperback. Book Condition: New. 234 x 156 mm. Brand New Book. 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 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. Bookseller Inventory # AAH9780691138862

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Theory of the Consumption Function (Paperback) (ISBN: 9780691138862)
Friedman, Milton
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ISBN 13: 9780691138862
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Book Description: Princeton University Press, United States, 2008. Paperback. Book Condition: New. 234 x 156 mm. Brand New Book. 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 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. Bookseller Inventory # AAH9780691138862

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Book Description: Princeton University Press, New Jersey, 2008. Book Condition: New. Language: english. 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? This book presents a theory of the consumption function, and tests it against extensive statistical material. Bookseller Inventory # 7649391

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Friedman, Milton
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