A Theory of the Consumption Function by Milton Friedman
New Jersey : Princeton University Press, 1957. First Edition; First Printing. Hardcover. 243 pages ; 24 cm. $4.75 dust jacket with minimal wear. A portion of the flyleaf has been clipped where a former rubber stamped marking was once located. The same rubber stamp markings appear at the rear endpaper. Marking stated "Department of Economic, Providence College." No other markings within this book. Pages are clean. Binding is firm.
A Theory of the Consumption Function
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 policymakers? In this volume a distinguished American economist presents a new theory of the consumption function, tests it against extensive statistical material, and suggests some of its significant implications.
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. Dr. 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, ratio of wealth to income, family size, and so on.
The hypothesis is shown to be consistent with budget studies and time series data, and some of its far-reaching implications are explored in the final chapter.
The author is Dr. Milton Friedman of the University of Chicago, the 1953-1954 Fulbright lecturer at Cambridge University, England. He is a member of the research staff of the National Bureau.
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