A Theory Of The Consumption Function by Milton Friedman
A Study in the Field of Economics
This book presents a groundbreaking study of the consumption patterns of individuals and households. The author challenges the traditional Keynesian consumption function which posits that individuals and households adjust their consumption spending in response to changes in income. Instead, the author proposes the "Permanent Income Hypothesis," asserting that consumers' spending habits are determined not by current income but by their longer-term income expectations. This influential theory has had a significant impact on economic policy and remains a cornerstone of macroeconomic theory.
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- Published
- 1957
- Nationality
- American
- Length
- Medium
- Pages
- 250-300
- Original Language
- English
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- Alternate Titles
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This book is on the following 1 lists:
- The New York Public Library's Books of the Century (New York Public Library)