The Life Cyclists pp 179-185 | Cite as
The Theory
Chapter
Abstract
Milton Friedman’s permanent income hypothesis was controversial from the onset. It was not that the theory was an unreasonable or empirically untestable one; rather, it was the offshoot of a strand of research that Simon Kuznets and Friedman had pursued in the mid-1940s.
Keywords
Permanent Income Future Income Wage Rigidity Life Cyclist Transitory Component
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© Colin Read 2011