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  2. Permanent income hypothesis - Wikipedia

    en.wikipedia.org/wiki/Permanent_income_hypothesis

    The American economist Milton Friedman developed the permanent income hypothesis in his 1957 book A Theory of the Consumption Function. [7] In his book, Friedman posits a theory that explained how and why future expectations change consumption. [8] Friedman's 1957 book A Theory of the Consumption Function created the basis for consumption ...

  3. Consumption function - Wikipedia

    en.wikipedia.org/wiki/Consumption_function

    In economics, the consumption function describes a relationship between consumption and disposable income. [ 1 ] [ 2 ] The concept is believed to have been introduced into macroeconomics by John Maynard Keynes in 1936, who used it to develop the notion of a government spending multiplier .

  4. Milton Friedman - Wikipedia

    en.wikipedia.org/wiki/Milton_Friedman

    Milton Friedman (/ ˈ f r iː d m ən / ⓘ; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. [4]

  5. Consumer economy - Wikipedia

    en.wikipedia.org/wiki/Consumer_economy

    The absolute income hypothesis argues that income and demand generate consumption, and that the rise in GDP gives life to a rise in consumption. It was popularized by Keynes. Milton Friedman argues for a permanent income hypothesis, that consumption spending is a function of how rich you are. [6]

  6. Adaptive expectations - Wikipedia

    en.wikipedia.org/wiki/Adaptive_expectations

    Adaptive expectations were instrumental in the consumption function (1957) and Phillips curve outlined by Milton Friedman. Friedman suggests that workers form adaptive expectations of the inflation rate, the government can easily surprise them through unexpected monetary policy changes.

  7. Consumption (economics) - Wikipedia

    en.wikipedia.org/wiki/Consumption_(economics)

    The permanent income hypothesis was developed by Milton Friedman in the 1950s in his book A theory of the Consumption Function. This theory divides income into two components: is transitory income and is permanent income, such that = +.

  8. A Monetary History of the United States - Wikipedia

    en.wikipedia.org/wiki/A_Monetary_History_of_the...

    A Monetary History of the United States, 1867–1960 is a book written in 1963 by future Nobel Prize-winning economist Milton Friedman and Anna Schwartz.It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the United States economy, especially the behavior of economic fluctuations.

  9. Average propensity to consume - Wikipedia

    en.wikipedia.org/wiki/Average_propensity_to_consume

    Average propensity to consume (APC) (as well as the marginal propensity to consume) is a concept developed by John Maynard Keynes to analyze the consumption function, which is a formula where total consumption expenditures (C) of a household consist of autonomous consumption (C a) and income (Y) (or disposable income (Y d)) multiplied by marginal propensity to consume (c 1 or MPC).