Theory of the Consumption Function
By (author) Milton Friedman
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Theory of the Consumption Function by Milton Friedman
Book DescriptionWhat 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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Book DetailsISBN: 9780691138862
(229mm x 152mm x 13mm)
Imprint: Princeton University Press
Publisher: Princeton University Press
Publish Date: 28-Jul-2008
Country of Publication: United States
Books By Author Milton Friedman
Great Contraction 1929-1933, Paperback (August 2008)
Addresses the central economic event of the century, the Great Depression. This book argues that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics.
Milton Friedman on Economics, Paperback (February 2008)» View all books by Milton Friedman
Milton Friedman was lauded as the grandmaster of free-market economic theory in the postwar era. This book collects many of Friedman's papers on topics in economics that were published in the "Journal of Political Economy". It incorporates papers from 1948 to 1990. It is useful for those tracing the course of 20th century economics and politics.
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Author Biography - Milton Friedman
Milton Friedman (1912-2006) was awarded the Nobel Prize in Economics in 1976. He was a Senior Research Fellow at the Hoover Institution and had previously taught at the University of Chicago from 1946 to 1976. He was also a member of the research staff of the National Bureau of Economic Research from 1937 to 1981.
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