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A THEORY OF THE CONSUMPTION FUNCTION.

Princeton: Princeton University Press, 1957. First edition. A study for the National Bureau of Economic Research, where Friedman worked at the time. He set forth the permanent income hypothesis, a theory of consumption that assumes rational behavior by agents. In its simplest form, the hypothesis states that a change in permanent income, rather than a change in temporary income, affects the choices that determine a consumer's consumption patterns. The key conclusion of this theory is that transitory, temporary changes in income have little effect on consumer spending behavior, whereas permanent changes can have large effects on consumer spending behavior. 243 pages, including an index. 36 Figures and tables. Dark blue cloth, gilt-lettered spine. Small stamp on front endpaper ("Industrial Relations Department 1957"), otherwise bright and fine in a bright, near fine dust jacket with just one small tear, a few tiny marks and the spine slightly sunned. A very nice copy of a relatively scarce book by a recipient of the 1976 Nobel Prize in Economic, who was known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it." A NOBEL PRIZE-WINNING ECONOMIST.
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