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IncomeConsumption Relations and Their Implications
An Empirical Evaluation of Theories of Saving
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acceleration principle aggregate demand amount analysis assumed assumption average balanced budget banks billion Business Cycles cash balances cent conclusion constant consumption function cost cost-push countercyclical curve cyclical decline deficit demand deposits demand for money depends determined discussion disposable income dollar economic economists effect empirical equation equilibrium excess demand expansion factors families Federal Reserve firms fiscal policy Friedman full employment government expenditures important increase industries inflation interest rate investment Keynes Keynesian labor level of income liquid assets liquidity preference marginal propensity Milton Friedman monetary policy money income money supply multiplier national income output period permanent income permanent income hypothesis Pigou Pigou effect position postwar price level prices and wages problem profits rate of growth rate of interest real income real wage recession reduce relation relative replacement result rise savings ratio spending Statistics surplus theory variables velocity wage rates yields