Permanent income hypothesis

Question

19 Dec 2024

Answer :

Word Count : 231

The Permanent Income Hypothesis (PIH), proposed by economist Milton Friedman in 1957, suggests that individuals base their consumption decisions not on their current income, but on their expected long-term average income, or "permanent income." According to the hypothesis, temporary fluctuations in income (such as a bonus _____ ______ ________ ______ ______ ____.
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