A Theory of the Consumption Function
E431736
A Theory of the Consumption Function is Milton Friedman’s influential 1957 economics book that introduced the permanent income hypothesis to explain household consumption behavior over time.
All labels observed (1)
| Label | Occurrences |
|---|---|
| A Theory of the Consumption Function canonical | 2 |
How this entity was disambiguated
This entity first appeared as the object of triple T4329622 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: A Theory of the Consumption Function Context triple: [permanent income hypothesis, publication, A Theory of the Consumption Function]
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A.
The Theory and Measurement of Demand
The Theory and Measurement of Demand is a foundational economics book by Henry Schultz that rigorously develops statistical and mathematical methods for estimating consumer demand.
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B.
The Positive Theory of Capital
The Positive Theory of Capital is a foundational work in Austrian economics that systematically analyzes the nature of capital, interest, and time preference in the production process.
-
C.
On the Theory of Economic Policy
On the Theory of Economic Policy is a foundational work in economics by Jan Tinbergen that systematically analyzes how governments can design and coordinate economic policies using formal models and quantitative methods.
-
D.
The Scope and Method of Economic Science
The Scope and Method of Economic Science is a foundational work in economic methodology that examines the proper aims, limits, and scientific status of economics as a discipline.
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E.
The Pure Theory of Capital
The Pure Theory of Capital is a major economic treatise by Friedrich A. Hayek that systematically analyzes the structure, role, and intertemporal coordination of capital in the production process.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: A Theory of the Consumption Function Target entity description: A Theory of the Consumption Function is Milton Friedman’s influential 1957 economics book that introduced the permanent income hypothesis to explain household consumption behavior over time.
-
A.
The Theory and Measurement of Demand
The Theory and Measurement of Demand is a foundational economics book by Henry Schultz that rigorously develops statistical and mathematical methods for estimating consumer demand.
-
B.
The Positive Theory of Capital
The Positive Theory of Capital is a foundational work in Austrian economics that systematically analyzes the nature of capital, interest, and time preference in the production process.
-
C.
On the Theory of Economic Policy
On the Theory of Economic Policy is a foundational work in economics by Jan Tinbergen that systematically analyzes how governments can design and coordinate economic policies using formal models and quantitative methods.
-
D.
The Scope and Method of Economic Science
The Scope and Method of Economic Science is a foundational work in economic methodology that examines the proper aims, limits, and scientific status of economics as a discipline.
-
E.
The Pure Theory of Capital
The Pure Theory of Capital is a major economic treatise by Friedrich A. Hayek that systematically analyzes the structure, role, and intertemporal coordination of capital in the production process.
- F. None of above. chosen
Statements (44)
| Predicate | Object |
|---|---|
| instanceOf |
book
ⓘ
economics book ⓘ |
| argues |
consumption depends on permanent income rather than current income
ⓘ
transitory income has limited effect on long-run consumption ⓘ |
| author | Milton Friedman ⓘ |
| basedOn | empirical studies of household income and consumption ⓘ |
| citationStyleTitle | A Theory of the Consumption Function ⓘ |
| countryOfPublication |
United States
ⓘ
linked to:
United States of America
|
| criticizes | simple Keynesian consumption function ⓘ |
| field | economics ⓘ |
| hasAuthor | Milton Friedman ⓘ |
| hasImpactOn |
macroeconomic stabilization policy debates
ⓘ
permanent income vs. current income debates ⓘ |
| inAcademicCanon | classic work in macroeconomic theory ⓘ |
| influenced |
empirical research on consumption and saving
ⓘ
modern macroeconomic consumption models ⓘ policy analysis of tax changes and consumption ⓘ |
| influencedEconomist |
Franco Modigliani
ⓘ
Robert Hall ⓘ Robert Lucas Jr. ⓘ |
| introducesConcept | permanent income hypothesis ⓘ |
| language | English ⓘ |
| mainSubject |
consumption function
ⓘ
consumption theory ⓘ household consumption ⓘ macroeconomics ⓘ permanent income hypothesis ⓘ |
| notableFor |
challenging the Keynesian marginal propensity to consume framework
ⓘ
formalizing the permanent income hypothesis ⓘ linking expectations about future income to current consumption ⓘ |
| publicationType | monograph ⓘ |
| publicationYear | 1957 ⓘ |
| publisher | Princeton University Press ⓘ |
| relatedConcept |
Keynesian consumption function
ⓘ
linked to:
Keynesian economics
life-cycle hypothesis ⓘ |
| relatedWork |
Capitalism and Freedom
ⓘ
Studies in the Quantity Theory of Money ⓘ |
| series |
National Bureau of Economic Research publications
ⓘ
linked to:
NBER publications
|
| theoreticalFramework | lifecycle and permanent income perspectives on consumption ⓘ |
| timePeriodDescribed | 20th century ⓘ |
| usesConcept |
expected lifetime income
ⓘ
permanent income ⓘ transitory income ⓘ |
| usesMethod | statistical analysis of income and consumption data ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: A Theory of the Consumption Function Description of subject: A Theory of the Consumption Function is Milton Friedman’s influential 1957 economics book that introduced the permanent income hypothesis to explain household consumption behavior over time.
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.