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- Permanent_income_hypothesis abstract "The permanent income hypothesis (PIH) is an economic theory attempting to describe how agents spread consumption over their lifetimes. First developed by Milton Friedman, it supposes that a person's consumption at a point in time is determined not just by their current income but also by their expected income in future years—their \"permanent income\". In its simplest form, the hypothesis states that changes in permanent income, rather than changes in temporary income, are what drive the changes in a consumer's consumption patterns. Its predictions of consumption smoothing, where people spread out transitory changes in income over time, departs from the traditional Keynesian emphasis on the marginal propensity to consume. It has had a profound effect on the study of consumer behavior, and provides an explanation for some of the failures of Keynesian demand management techniques.Income consists of a permanent (anticipated and planned) component and a transitory (windfall gain/unexpected) component. In the permanent income hypothesis model, the key determinant of consumption is an individual's lifetime income, not his current income. Permanent income is defined as expected long-term average income.Assuming consumers experience diminishing marginal utility, they will want to smooth out consumption over time, e.g. take on debt as a student and also ensure savings for retirement. Coupled with the idea of average lifetime income, the consumption smoothing element of the PIH predicts that transitory changes in income will have only a small effect on consumption. Only longer lasting changes in income will have a large effect on spending.A consumer's permanent income is determined by their assets; both physical (shares, bonds, property) and human (education and experience). These influence the consumer's ability to earn income. The consumer can then make an estimation of anticipated lifetime income. A worker saves only if they expect that their long-term average income, i.e. their permanent income, will be less than their current income.".
- Permanent_income_hypothesis wikiPageExternalLink PermIncome.html.
- Permanent_income_hypothesis wikiPageExternalLink books?id=X6u7AAAAIAAJ&pg=PA362.
- Permanent_income_hypothesis wikiPageID "4244346".
- Permanent_income_hypothesis wikiPageLength "16498".
- Permanent_income_hypothesis wikiPageOutDegree "43".
- Permanent_income_hypothesis wikiPageRevisionID "696303802".
- Permanent_income_hypothesis wikiPageWikiLink Absolute_income_hypothesis.
- Permanent_income_hypothesis wikiPageWikiLink Aggregate_demand.
- Permanent_income_hypothesis wikiPageWikiLink Ben_Bernanke.
- Permanent_income_hypothesis wikiPageWikiLink Category:Consumer_theory.
- Permanent_income_hypothesis wikiPageWikiLink Category:Macroeconomics.
- Permanent_income_hypothesis wikiPageWikiLink Category:Milton_Friedman.
- Permanent_income_hypothesis wikiPageWikiLink Christopher_Carroll.
- Permanent_income_hypothesis wikiPageWikiLink Conditional_expectation.
- Permanent_income_hypothesis wikiPageWikiLink Consumer.
- Permanent_income_hypothesis wikiPageWikiLink Consumption_(economics).
- Permanent_income_hypothesis wikiPageWikiLink Consumption_smoothing.
- Permanent_income_hypothesis wikiPageWikiLink Discounting.
- Permanent_income_hypothesis wikiPageWikiLink Economist.
- Permanent_income_hypothesis wikiPageWikiLink Final_good.
- Permanent_income_hypothesis wikiPageWikiLink Frederic_Mishkin.
- Permanent_income_hypothesis wikiPageWikiLink Greg_Mankiw.
- Permanent_income_hypothesis wikiPageWikiLink Income.
- Permanent_income_hypothesis wikiPageWikiLink John_Maynard_Keynes.
- Permanent_income_hypothesis wikiPageWikiLink Liquidity_constraint.
- Permanent_income_hypothesis wikiPageWikiLink Marginal_propensity_to_consume.
- Permanent_income_hypothesis wikiPageWikiLink Marginal_utility.
- Permanent_income_hypothesis wikiPageWikiLink Marjorie_Flavin.
- Permanent_income_hypothesis wikiPageWikiLink Mark_Thoma.
- Permanent_income_hypothesis wikiPageWikiLink Matthew_Shapiro.
- Permanent_income_hypothesis wikiPageWikiLink Melvin_Stephens.
- Permanent_income_hypothesis wikiPageWikiLink Milton_Friedman.
- Permanent_income_hypothesis wikiPageWikiLink Multiplier.
- Permanent_income_hypothesis wikiPageWikiLink Nicholas_Souleles.
- Permanent_income_hypothesis wikiPageWikiLink Real_interest_rate.
- Permanent_income_hypothesis wikiPageWikiLink Ricardian_equivalence.
- Permanent_income_hypothesis wikiPageWikiLink Robert_Hall_(economist).
- Permanent_income_hypothesis wikiPageWikiLink Social_Security_(United_States).
- Permanent_income_hypothesis wikiPageWikiLink Utility.
- Permanent_income_hypothesis wikiPageWikiLink Windfall_gain.
- Permanent_income_hypothesis wikiPageWikiLinkText "Permanent Income Hypothesis".
- Permanent_income_hypothesis wikiPageWikiLinkText "Permanent income hypothesis".
- Permanent_income_hypothesis wikiPageWikiLinkText "permanent income hypothesis".
- Permanent_income_hypothesis wikiPageWikiLinkText "permanent income theory".
- Permanent_income_hypothesis wikiPageWikiLinkText "permanent income".
- Permanent_income_hypothesis id "27.0".
- Permanent_income_hypothesis title "Lecture on Econometrics".
- Permanent_income_hypothesis wikiPageUsesTemplate Template:Cite_book.
- Permanent_income_hypothesis wikiPageUsesTemplate Template:Cite_web.
- Permanent_income_hypothesis wikiPageUsesTemplate Template:Consumption.
- Permanent_income_hypothesis wikiPageUsesTemplate Template:EquationNote.
- Permanent_income_hypothesis wikiPageUsesTemplate Template:EquationRef.
- Permanent_income_hypothesis wikiPageUsesTemplate Template:Milton_Friedman.
- Permanent_income_hypothesis wikiPageUsesTemplate Template:NumBlk.
- Permanent_income_hypothesis wikiPageUsesTemplate Template:Reflist.
- Permanent_income_hypothesis wikiPageUsesTemplate Template:YouTube.
- Permanent_income_hypothesis subject Category:Consumer_theory.
- Permanent_income_hypothesis subject Category:Macroeconomics.
- Permanent_income_hypothesis subject Category:Milton_Friedman.
- Permanent_income_hypothesis hypernym Theory.
- Permanent_income_hypothesis type Work.
- Permanent_income_hypothesis type Microeconomic.
- Permanent_income_hypothesis type Redirect.
- Permanent_income_hypothesis type Theory.
- Permanent_income_hypothesis comment "The permanent income hypothesis (PIH) is an economic theory attempting to describe how agents spread consumption over their lifetimes. First developed by Milton Friedman, it supposes that a person's consumption at a point in time is determined not just by their current income but also by their expected income in future years—their \"permanent income\".".
- Permanent_income_hypothesis label "Permanent income hypothesis".
- Permanent_income_hypothesis sameAs Q1257519.
- Permanent_income_hypothesis sameAs Hypothese_permanenter_Einkommen.
- Permanent_income_hypothesis sameAs Théorie_du_revenu_permanent.
- Permanent_income_hypothesis sameAs 항상소득이론.
- Permanent_income_hypothesis sameAs Permanente_inkomenshypothese.
- Permanent_income_hypothesis sameAs Hipoteza_dochodu_permanentnego.
- Permanent_income_hypothesis sameAs m.0bs1kh.
- Permanent_income_hypothesis sameAs Гіпотеза_постійного_доходу.
- Permanent_income_hypothesis sameAs Q1257519.
- Permanent_income_hypothesis sameAs 恆常所得假說.
- Permanent_income_hypothesis wasDerivedFrom Permanent_income_hypothesis?oldid=696303802.
- Permanent_income_hypothesis isPrimaryTopicOf Permanent_income_hypothesis.