Theory of the Consumption Function

By:

Milton Friedman

Format:

Paperback

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Description

2015 Reprint of 1957Edition. Full Facsimile of the original edition. Not reproduced with Optical Recognition Software. In this book Friedman developed the permanent income hypothesis (PIH). As classical Keynesian consumption theory was unable to explain the constancy of savings rate in the face of rising real incomes in the United States, a number of new theories of consumer behavior emerged. In his book, Friedman posits a theory that encompasses many of the competing hypotheses at the time as special cases and presents statistical evidence in support of his theory. "Friedman described Keynes's theory of a declining propensity to consume as 'very imaginative and thoughtful.' But in "A Theory of the Consumption Function" (1957), he demonstrated that while the hypothesis seemed to make psychological sense, it was empirically false. In relating income to propensity to consume, Keynes had erred in not distinguishing between 'transitory' and 'permanent' income. In fact, consumption does not decline as incomes generally rise. Economists across the political spectrum agreed with Friedman's refutation of Keynes...."--James A. Nuechterlein, Commentary

Release date Australia

April 28th, 2015

Author

Milton Friedman

Audience

General (US: Trade)

Country of Publication

United States

Illustrations

black & white illustrations

Imprint

Martino Fine Books

Pages

258

Publisher

Martino Fine Books

Dimensions

156x234x15

ISBN-13

9781614278122

Product ID

23431510

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