Theory of the consumption function:
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...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Princeton, NJ
Princeton University Press
[2018]
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| Schlagworte: | |
| Online-Zugang: | DE-1043 DE-1046 DE-858 DE-Aug4 DE-859 DE-860 DE-473 DE-739 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Nov 2018) |
| Beschreibung: | 1 online resource |
| ISBN: | 9780691188485 |
| DOI: | 10.1515/9780691188485 |
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Datensatz im Suchindex
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| discipline | Wirtschaftswissenschaften |
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| spelling | Friedman, Milton 1912-2006 Verfasser (DE-588)118535625 aut Theory of the consumption function Milton Friedman Princeton, NJ Princeton University Press [2018] © 1957 1 online resource txt rdacontent c rdamedia cr rdacarrier Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Nov 2018) 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 In English Consumption (Economics) Mathematical models Verbraucherverhalten (DE-588)4062644-1 gnd rswk-swf Theorie (DE-588)4059787-8 gnd rswk-swf Konsumfunktion (DE-588)4032247-6 gnd rswk-swf Konsumfunktion (DE-588)4032247-6 s Theorie (DE-588)4059787-8 s 1\p DE-604 Verbraucherverhalten (DE-588)4062644-1 s 2\p DE-604 https://doi.org/10.1515/9780691188485 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Friedman, Milton 1912-2006 Theory of the consumption function Consumption (Economics) Mathematical models Verbraucherverhalten (DE-588)4062644-1 gnd Theorie (DE-588)4059787-8 gnd Konsumfunktion (DE-588)4032247-6 gnd |
| subject_GND | (DE-588)4062644-1 (DE-588)4059787-8 (DE-588)4032247-6 |
| title | Theory of the consumption function |
| title_auth | Theory of the consumption function |
| title_exact_search | 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_short | Theory of the consumption function |
| title_sort | theory of the consumption function |
| topic | Consumption (Economics) Mathematical models Verbraucherverhalten (DE-588)4062644-1 gnd Theorie (DE-588)4059787-8 gnd Konsumfunktion (DE-588)4032247-6 gnd |
| topic_facet | Consumption (Economics) Mathematical models Verbraucherverhalten Theorie Konsumfunktion |
| url | https://doi.org/10.1515/9780691188485 |
| work_keys_str_mv | AT friedmanmilton theoryoftheconsumptionfunction |