A Theory of the Consumption Function correspondence between the Founding Fathers

correspondence between the Founding Fathers — including letters from Madison to George Washington and from John Adams to Thomas Jefferson — offers a glimpse at the personalities behind the historic events

and drawing from memory and projected images

forces acting on a fluid in equilibrium

Maxwell's equations

1892 edition

A Theory of the Consumption Function correspondence between the Founding FathersIn this groundbreaking work, a Nobel Prize winning economist addresses the consumption behavior of individuals and how it can be defined in a way that is supported by empirical evidence and useful for research and planning. Milton Friedman introduced a distinction between "measured income," what an individual earns in a specific period, and "permanent income," a view that takes into account a longer period in an active economic life. He was thus able