- 434 pages
- English
- ePUB (mobile friendly)
- Available on iOS & Android
eBook - ePub
Permanent Income, Wealth, and Consumption
About this book
Permanent Income, Wealth, and Consumption: A Critique of the Permanent Income Theory, the Life-Cycle Hypothesis, and Related Theories is a pivotal exploration of the theoretical and empirical foundations of modern consumption theories. This work revisits the revolutionary concepts introduced in the mid-20th century, including Milton Friedman's Permanent Income Hypothesis and the Life-Cycle Hypothesis, to critically evaluate their assumptions and implications. Through a methodical synthesis of prior research and the introduction of new empirical tests, the book aims to resolve the longstanding debates surrounding the validity of these theories.
The critique challenges the central claims of the "new theories," particularly the notions that consumption is directly proportional to permanent income and that transitory income plays no role in consumption behavior. By examining existing tests and presenting novel evidence, the author proposes an "intermediate" approach that aligns closer to traditional consumption theories while acknowledging certain insights from the newer models. The book underscores the complexities of testing these theories, highlighting issues such as data limitations, the influence of unobservable variables like tastes, and inconsistencies in definitions of consumption. Ultimately, this comprehensive evaluation offers a balanced perspective on the dynamics of income, wealth, and consumption, making it an essential read for economists and scholars interested in macroeconomic theory and empirical analysis.
This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1972.
The critique challenges the central claims of the "new theories," particularly the notions that consumption is directly proportional to permanent income and that transitory income plays no role in consumption behavior. By examining existing tests and presenting novel evidence, the author proposes an "intermediate" approach that aligns closer to traditional consumption theories while acknowledging certain insights from the newer models. The book underscores the complexities of testing these theories, highlighting issues such as data limitations, the influence of unobservable variables like tastes, and inconsistencies in definitions of consumption. Ultimately, this comprehensive evaluation offers a balanced perspective on the dynamics of income, wealth, and consumption, making it an essential read for economists and scholars interested in macroeconomic theory and empirical analysis.
This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1972.
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Yes, you can access Permanent Income, Wealth, and Consumption by Thomas Mayer in PDF and/or ePUB format, as well as other popular books in Economics & Microeconomics. We have over one million books available in our catalogue for you to explore.
Information
Table of contents
- Cover
- Title
- Copyright
- Contents 1
- Preface
- Part One
- Part Two
- Part Three
- Part Four
- Part Five
- Appendix One SOME ATTEMPTED TESTS WITH CONSUMERS
- Index