Permanent income hypothesis

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Notion

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Science and technology

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What Wikipedia says

The permanent income hypothesis (PIH) is a model in the field of economics to explain the formation of consumption patterns. It suggests consumption patterns are formed from future expectations and consumption smoothing.

Excerpt from the Wikipedia article “Permanent income hypothesis”, under the CC BY-SA 4.0 license. Read the article on Wikipedia

Image: The Friedman Foundation for Educational Choice, CC0, via Wikimedia Commons.