<p>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.<br><br><br> 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, rat
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<p>Economics is sometimes divided into two parts: positive economics and normative economics. The former deals with how the economic problem is solved, while the latter deals with how the economic problem should be solved. The effects of price or...
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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...
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<p><b>An <i>Economist </i>Best Book of 2023 One of <i>The New York Times</i>¿ 33 Nonfiction Books to Read This Fall Named a most anticipated fall book by the <i>Chicago Tribune </i>and <i>Bloomberg</i></b><br><br><b>¿Wherever...
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