A Theory of the Consumption Function Reproduced from the authoritative Breitkopf

Reproduced from the authoritative Breitkopf & Härtel edition

1892 edition

ordinary men

The plants are arranged systematically by families

A Theory of the Consumption Function Reproduced from the authoritative BreitkopfIn this groundbreaking work, a Nobel Prize winning economist addresses the consumption behavior of individuals and how it can be defined in a way that is supported by empirical evidence and useful for research and planning. Milton Friedman introduced a distinction between "measured income," what an individual earns in a specific period, and "permanent income," a view that takes into account a longer period in an active economic life. He was thus able