RELATIVE INCOME VS. PERMANENT INCOME: THE CRISIS OF THE THEORY OF THE SOCIAL SIGNIFICANCE OF CONSUMPTION

2012 ◽  
Vol 34 (3) ◽  
pp. 355-377 ◽  
Author(s):  
ATTILIO TREZZINI
Keyword(s):  
Turning Point ◽  
Relative Income ◽  
Radical Change ◽  
Permanent Income ◽  
Permanent Income Hypothesis ◽  
Social Significance ◽  
Aggregate Consumption ◽  
The Social ◽  
The Usa ◽  
Relative Income Hypothesis

The investigation of aggregate consumption underwent a radical change in the USA during the 1940s and 1950s. Principles deriving from the American Institutionalist tradition attained their greatest popularity in Duesenberry’s formulation just before they were rapidly abandoned. This paper examines this turning point by comparing Duesenberry’s relative income hypothesis and Friedman’s permanent income hypothesis. This also makes it possible to identify a particular feature of Duesenberry’s analysis—its heterogeneity—which must be taken into consideration by those seeking a return to Institutionalist principles in the analysis of aggregate consumption.

scholarly journals OS MICROFUNDAMENTOS DO CONSUMO: DE KEYNES ATÉ A VERSÃO MODERNA DA TEORIA DA RENDA PERMANENTE

2003 ◽  
Vol 29 ◽  
Author(s):  
Flavia Dias Rangel Oreiro
Keyword(s):  
Life Cycle ◽  
Rational Expectations ◽  
Function Theory ◽  
Permanent Income ◽  
Permanent Income Hypothesis ◽  
Consumption Function ◽  
John Maynard Keynes ◽  
Aggregate Consumption ◽  
Milton Friedman ◽  
Consumption Decision

Este artigo pretende analisar a evolução recente das teorias de consumo, enfatizando os micro-fundamentos do consumo, desde Keynes (1936) até a versão moderna da teoria da renda permanente de Hall- Flavin (1978-1981), bem como inserir o comportamento do consumidor numa ótica intertemporal. Nesse contexto, são discutidas: a teoria de consumo de John Maynard Keynes (1936); os fatos estilizados de Simon Kuznets (1940); a contribuição de Irving Fisher à teoria de consumo ao propor o modelo intertemporal básico de comportamento do consumidor; a teoria da renda permanente de Milton Friedman (1957) e a teoria do ciclo da vida de Franco Modigliani (1963), as quais se baseiam no arcabouço teórico de Fisher para explicar o “enigma do consumo”; e finalmente, a chamada “versão moderna da teoria da renda permanente” de Hall - Flavin (1978-81), que aplica o método de expectativas racionais aos modelos ciclo-da vida/ renda permanente. Abstract The objective of the present article is to analyze the recent evolution of the theories of the consumption function, with a special emphasis over the micro foundations of the consumption decision, since Keynes (1936) until the modern version of the permanent income hypothesis of Hall and Flavin (1978-1981). In this setting we will discuss the following issues: the consumption function theory of John Maynard Keynes, the stylized facts of Kusnets, the Irving Fisher contribution to the consumption function theory by his proposal of an intertemporal framework to analyze consumer behavior; Milton Friedman´s theory of permanent income and Modigliani´s life-cycle hypothesis. All these theories are based upon Irving Fisher framework to explain the “consumption enigma”. Finally we will analyze the Hall-Flavin version of the permanent income hypothesis, which applies the rational expectations method to the models of aggregate consumption based on the life-cycle/permanent income hypothesis.

scholarly journals The Excess Smoothness and Sensitivity of Consumption in the V4 Countries

2019 ◽  
Vol 67 (6) ◽  
pp. 1653-1663
Author(s):  
Terézia Vančová
Keyword(s):  
Random Walk ◽  
Vector Autoregression ◽  
Permanent Income ◽  
Disposable Income ◽  
Income Growth ◽  
Permanent Income Hypothesis ◽  
Aggregate Consumption ◽  
Random Walk Hypothesis ◽  
New Information ◽  
Future Income

This paper contributes to the debate on the Permanent Income Hypothesis (PIH) and excess consumption smoothness and sensitivity in the context of conditions in the V4 countries. This paper also shows results contrary to the belief of the Permanent Income Hypothesis/Random Walk Hypothesis that the change in consumption is an innovation which is not predictable by lagged saving or lagged income change. The paper tests the implication of the Permanent Income Hypothesis/Random Walk Hypothesis, using quarterly aggregate data for 1995–2017 in the V4 countries. A vector autoregression for saving and changes in disposable income is used to generate a forecast of declines in disposable income. As a result, when income changes abruptly, the resulting change in consumption is much smoother and conversely, when changes in income are anticipated, consumption responds sensitively. The aggregate consumption is both excessively smooth relative to the new information causing consumers’ revision of previous expectations about current and future income, and excessively sensitive to lagged income growth.

scholarly journals INNOVATIONS TO TOPICAL THERAPY OF ROSACEA

2017 ◽  
Vol 20 (5) ◽  
pp. 270-274 ◽  
Author(s):  
O. Yu Olisova ◽  
N. G Kochergin ◽  
Elena A. Smirnova
Keyword(s):  
Topical Therapy ◽  
Maximum Effect ◽  
Clinical Classification ◽  
High Efficacy ◽  
Social Significance ◽  
Good Tolerability ◽  
The Social ◽  
Self Study ◽  
The Usa ◽  
Brimonidine Tartrate

The main pathogenetic aspects of rosacea, various classifications of dermatosis and the modern clinical classification are presented. The symptoms that differentiate rosacea from other dermatoses are described. Contradictory of modern scientific concepts of different researchers, approaches to etiology, pathogenesis and treatment has been noted. The social significance of rosacea, the importance and possibility of eliminating the symptoms of the disease at early stages, the achievement and prolongation of remission are shown. The main triggers for the manifestation of rosacea, which should be taken into account to achieve the maximum effect in the treatment of the disease, are indicated. The domestic and foreign clinical recommendations on the treatment of the disease are considered in view of the appearance of new external drugs. The results of several studies in the USA and Canada on the efficacy of 1% ivermectin cream and 0.5% brimonidine tartrate gel compared to placebo are shown. The first domestic positive experience of self-study with 1% ivermectin cream (Solantra®) and 0.5% brimonidine tartrate gel (Mirvazo Derm®) is presented. The high efficacy and very good tolerability of this drugs, as well as the absence of any side effects in patients with moderate to severe rosacea are shown.

scholarly journals Empirical Tests of the Rational Expectations - Permanent Income Hypothesis: Evidence from Pakistan

1994 ◽  
Vol 33 (4II) ◽  
pp. 1043-1053 ◽  
Author(s):  
Ahmad H. Khalid
Keyword(s):  
Random Walk ◽  
Rational Expectations ◽  
Predictive Power ◽  
Permanent Income ◽  
Consumption Expenditure ◽  
Permanent Income Hypothesis ◽  
Aggregate Consumption ◽  
Current Consumption ◽  
Information Set ◽  
Empirical Tests

The permanent income hypothesis postulates that at a given point in time, an individual's consumption is determined by his lifetime resources and not by his income. Thus, the hypothesis suggests that an individual's consumption will respond only to changes in permanent income. The insertion of the rational expectations theory into Friedman's permanent income hypothesis by Hall (1978),-called the Rational Expectations/Permanent Income Hypothesis (thereafter RE/PIH)changed this view, and suggested that current aggregate consumption is determined only by its own lag. Any information that may help in determining current consumption is already included in last period's consumption. Hence consumption follows a random walk. The testable implication of Hall's hypothesis is that apart from the current period's consumption expenditure, any variable observable in this or earlier periods should not show any predictive power for the next period's consumption expenditure. Therefore, additional lagged values of consumption or any other variable that can reasonably be assumed to be in the consumer's information set at time t should not be statistically significant if regressed over current consumption.

Summary

1999 ◽  
pp. 95
Author(s):  
Editorial board Of the Journal
Keyword(s):  
Turning Point ◽  
Religious Studies ◽  
The Self ◽  
Social Teaching ◽  
World Outlook ◽  
The Social

In the 10th issue of the Bulletin “Ukrainian Religious Studies” in the rubric “Scientific Reports and Announcements” there are in particular the following papers: “Religious Studies and Theology” by A.Kolodny, “Activity of the Orthodox Mission in Ukraine on the Turning Point of the XIX-XXth Centuries” by G.Nadtoka, “Religion in the Spiritual Heritage of V.Lypinsky” by L.Kondratyk, “Church as a Factor of the Self-identification of the Nation in the Cultural and Civilization Environment” by O.Nedavnya, “The Problems of Development of The Social Teaching of the Catholicism” by V.Sergyiko, “The God-Thunder Perun in the Pagan World-outlook of the Ancient Rus’” by N.Fatyushyna and other papers

V.V. Rozanov Among Parties and Politicians

2019 ◽  
Vol 60 ◽  
pp. 165-170
Author(s):  
Aleksey V.  Lomonosov
Keyword(s):  
The Political ◽  
Editorial Office ◽  
Social Significance ◽  
Political Ideas ◽  
Political Journalism ◽  
Political Views ◽  
The Social ◽  
The Press ◽  
Journal Editorial ◽  
Political Essays

The article reveals the social significance of determining the political views of V.V. Rozanov in the system of the thinker’s worldview. The correlation of these views with his political journalism is shown. The genesis of social and political ideas of V.V. Rozanov is revealed. The author specifies his ideological predecessors in the sphere of public thought of the late 19th century and the thinker’s affiliation with the conservative political camp of Russian writers. The author of the article also gives coverage of the V.V. Rozanov’s polemical publications in the press. He outlines the circle of political sympathies and determinative constants in the political views of Rozanov-publicist and proves his commitment to the centrist political parties. The author examines the process of Rozanov’s socio-political views evolution at the turn of the 19th–20th centuries, and the related changes in his political journalism. The evaluations are based on the large layer of Rozanov’s newspaper publicism in the years of 1905–1917. To determine the Rozanov’s position in the “New time” journal editorial office and to reveal the motives of his political essays the author of the article used epistola

LEGAL ESSENCE OF ANCIENT PROVERBS AND SAYS AND THEIR SOCIAL SIGNIFICANCE

2020 ◽  
Author(s):  
Angela Dranishnikova ◽  
Ivan Semenov
Keyword(s):  
Public Sphere ◽  
Rule Of Law ◽  
Social Significance ◽  
The Rule Of Law ◽  
The Public ◽  
Moral Standards ◽  
The Social ◽  
The Law ◽  
The Public Sphere ◽  
Status Position

The national legal system is determined by traditional elements characterizing the culture and customs that exist in the social environment in the form of moral standards and the law. However, the attitude of the population to the letter of the law, as a rule, initially contains negative properties in order to preserve personal freedom, status, position. Therefore, to solve pressing problems of rooting in the minds of society of the elementary foundations of the initial order, and then the rule of law in the public sphere, proverbs and sayings were developed that in essence contained legal educational criteria.

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