A Theory of the Consumption Function.
FRIEDMAN Milton (1957.)
£2250.00 [First Edition]
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A MASTERPIECE OF MODERN ECONOMETRICS.
First edition, first printing. 8vo (235 x 160mm). xvi, 243,  pp. Original blue cloth, spine lettered in gilt, dust jacket (spine panel of jacket lightly toned, extremities lightly rubbed with small nick to top edge of rear panel, otherwise a near fine copy). Princeton, Princeton University Press.
A masterpiece of modern econometrics and one of the most important methodological statements of twentieth century economics. "For many academic economists, A Theory of the Consumption Function (1957) is [Friedman's] greatest work. Friedman showed that the Keynesian concept of household behaviour was fundamentally flawed, arguing that people adjusted their consumption to variations in their long-term expected ('permanent') income. As such, his theory foreshadows the approach to microfoundations that is the cornerstone of modern macroeconomics" (New Palgrave).
Stock Code: 231919