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He is Nobel Prize winner in economic science. The permanent income theory is primarily with Milton Friedman of the University of Chicago. He is winner of same price in 1976. Both theories are same in their nature and pay attention on microeconomic foundation. The other classical theories of consumption such as Ando-Modigliani approach which proposes that people make consumption decisions according to the stage of life they are in as well as the resources available during lifetime. It is developed in 1950 and it is also known as the life cycle hypothesis.

Com 48 Advanced Macroeconomics Consumption Function T Yt L Yt P PV0 = ∑ +∑ t 0 (1 + r ) 0 (1 + r )  t (2. 11) Where a is the real household net worth at the beginning of the period. We can separate out known current labor income from the unknown or expected future labor income. com 49 Advanced Macroeconomics Consumption Function Where, T-1 is the average remaining life expectancy of the population and the term over T-1 year. 15) It has only one remaining variable that is not yet measurable average expected labor income Ye The simplest assumption would be that average expected labor income is just a multiple of present labor income.

30) As income grows along trends, previous peak income will always be last year’s income, so that Y/Y would be equal to 1+g, where gy is the growth rate of real income. If Y grows at 4 percent along trend as required by the long run data of Kuznets. 30) giving the APC shows that in the short run with previous peak income fixed. The Duesenberry model implies MPC

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