Theory of the Consumption Function / / Milton Friedman.
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 co...
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Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2018] ©1957 |
Year of Publication: | 2018 |
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Friedman, Milton, author. aut http://id.loc.gov/vocabulary/relators/aut Theory of the Consumption Function / Milton Friedman. Princeton, NJ : Princeton University Press, [2018] ©1957 1 online resource text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda 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 restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star 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) Consumption (Economics) Mathematical models. BUSINESS & ECONOMICS / Economics / Theory. bisacsh Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Archive 1927-1999 9783110442496 https://doi.org/10.1515/9780691188485?locatt=mode:legacy https://www.degruyter.com/isbn/9780691188485 Cover https://www.degruyter.com/cover/covers/9780691188485.jpg |
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English |
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Friedman, Milton, Friedman, Milton, |
spellingShingle |
Friedman, Milton, Friedman, Milton, Theory of the Consumption Function / 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 |
author_facet |
Friedman, Milton, Friedman, Milton, |
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m f mf m f mf |
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VerfasserIn VerfasserIn |
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Friedman, Milton, |
title |
Theory of the Consumption Function / |
title_full |
Theory of the Consumption Function / Milton Friedman. |
title_fullStr |
Theory of the Consumption Function / Milton Friedman. |
title_full_unstemmed |
Theory of the Consumption Function / Milton Friedman. |
title_auth |
Theory of the Consumption Function / |
title_alt |
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 |
title_new |
Theory of the Consumption Function / |
title_sort |
theory of the consumption function / |
publisher |
Princeton University Press, |
publishDate |
2018 |
physical |
1 online resource |
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 |
isbn |
9780691188485 9783110442496 |
url |
https://doi.org/10.1515/9780691188485?locatt=mode:legacy https://www.degruyter.com/isbn/9780691188485 https://www.degruyter.com/cover/covers/9780691188485.jpg |
illustrated |
Not Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
339 - Macroeconomics & related topics |
dewey-full |
339.47015118 |
dewey-sort |
3339.47015118 |
dewey-raw |
339.47015118 |
dewey-search |
339.47015118 |
doi_str_mv |
10.1515/9780691188485?locatt=mode:legacy |
oclc_num |
1076407049 |
work_keys_str_mv |
AT friedmanmilton theoryoftheconsumptionfunction |
status_str |
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ids_txt_mv |
(DE-B1597)501876 (OCoLC)1076407049 |
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cr |
hierarchy_parent_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Archive 1927-1999 |
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Theory of the Consumption Function / |
container_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Archive 1927-1999 |
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