A Theory of the Consumption Function
Language: English
Published by Princeton University Press, 1971
- Hardcover
- Used
Seller: G.J. Askins Bookseller, New Lebanon, NY, U.S.A.G.J. Askins Bookseller
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260 page hardcover with figure and table illustration. 1971 6th printing of the 1957 original. A Study by the National Bureau of Economic Research, New York. Blue cloth exterior with title on spine in gold. The first 25 pages have ink underlining, the remaining text is unmarked. Summary and Conclusion section, and Index at rear.
Seller Inventory # 542422
- Title
- A Theory of the Consumption Function
- Author
- Friedman, Milton
- Publisher
- Princeton University Press
- Publication year
- 1971
- Condition
- Good
- Dust jacket
- No Jacket
- Binding
- Hardcover
- Language
- English
- ISBN 10
- 0691041822
- ISBN 13
- 9780691041827
- Printing
- 5th or later Printin
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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"About the title" may belong to another edition of this title.
G.J. Askins Bookseller
New Lebanon, NY, U.S.A.
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