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Income, Saving, and the Theory of Consumer Behavior
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The article was published on 1949-01-01 and is currently open access. It has received 2738 citations till now. The article focuses on the topics: Permanent income hypothesis & Marginal propensity to save.read more
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Environmental values and the frame of reference
TL;DR: In this article, it is suggested that the negative consequences of international positioning could be ameliorated by the replacement of conventional income accounts by a welfare index that more fully incorporates environmental costs.
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The transition to an oil contraction economy
Andrei Bazhanov,Andrei Bazhanov +1 more
TL;DR: In this article, a normative analysis of the problem of optimal extraction of a non-renewable resource is considered, and different approaches are offered for the construction of the paths of switching to decreasing resource use.
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Consumption-Leisure Choice with Habit Formation
TL;DR: In an intertemporal consumption-leisure choice model with wage uncertainty, and habit-forming consumption, the authors showed that consumption and leisure do move in opposite directions, consistent with the observed procyclicy of aggregate hours worked.
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Inequality and Decision Making: Imagining a New Line of Inquiry
TL;DR: The authors examine a handful of pathways through which inequality may plausibly influence individual decisions and propose ways that these and other pathways might be productively explored and assessed through behavioral experiments. But, despite numerous claims in popular venues that high inequality has slowed growth, precipitated financial instability, and profoundly distorted the nation's political system, their review of the literature finds no academic consensus on the consequences of inequality for the health of the economy or the democracy, or for nearly any other macro-level outcome.