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id="toc-Consumption_and_household_production" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Consumption_and_household_production"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Consumption and household production</span> </div> </a> <ul id="toc-Consumption_and_household_production-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Consumption_as_part_of_GDP" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Consumption_as_part_of_GDP"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Consumption as part of GDP</span> </div> </a> <ul id="toc-Consumption_as_part_of_GDP-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Consumption_in_microeconomics" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Consumption_in_microeconomics"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Consumption in microeconomics</span> </div> </a> <ul id="toc-Consumption_in_microeconomics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Consumption_in_macroeconomics" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Consumption_in_macroeconomics"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Consumption in macroeconomics</span> </div> </a> <ul id="toc-Consumption_in_macroeconomics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Consumption_as_a_measurement_of_growth" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Consumption_as_a_measurement_of_growth"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Consumption as a measurement of growth</span> </div> </a> <ul id="toc-Consumption_as_a_measurement_of_growth-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Determinant_factors_of_consumption" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Determinant_factors_of_consumption"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Determinant factors of consumption</span> </div> </a> <ul id="toc-Determinant_factors_of_consumption-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Consumption_theories" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Consumption_theories"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Consumption theories</span> </div> </a> <button aria-controls="toc-Consumption_theories-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Consumption theories subsection</span> </button> <ul id="toc-Consumption_theories-sublist" class="vector-toc-list"> <li id="toc-Absolute_Income_Hypothesis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Absolute_Income_Hypothesis"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1</span> <span>Absolute Income Hypothesis</span> </div> </a> <ul id="toc-Absolute_Income_Hypothesis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Relative_Income_Hypothesis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Relative_Income_Hypothesis"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.2</span> <span>Relative Income Hypothesis</span> </div> </a> <ul id="toc-Relative_Income_Hypothesis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Intertemporal_consumption" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Intertemporal_consumption"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.3</span> <span>Intertemporal consumption</span> </div> </a> <ul id="toc-Intertemporal_consumption-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Permanent_income_hypothesis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Permanent_income_hypothesis"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.4</span> <span>Permanent income hypothesis</span> </div> </a> <ul id="toc-Permanent_income_hypothesis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Life-cycle_hypothesis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Life-cycle_hypothesis"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.5</span> <span>Life-cycle hypothesis</span> </div> </a> <ul id="toc-Life-cycle_hypothesis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Access-based_consumption" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Access-based_consumption"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.6</span> <span>Access-based consumption</span> </div> </a> <ul id="toc-Access-based_consumption-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Old-age_spending" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Old-age_spending"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Old-age spending</span> </div> </a> <ul id="toc-Old-age_spending-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Consumption (economics)</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 57 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-57" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">57 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D8%B3%D8%AA%D9%87%D9%84%D8%A7%D9%83" title="استهلاك – Arabic" lang="ar" hreflang="ar" data-title="استهلاك" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0stehlak_(iqtisadiyyat)" title="İstehlak (iqtisadiyyat) – Azerbaijani" lang="az" hreflang="az" data-title="İstehlak (iqtisadiyyat)" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D0%BE%D1%82%D1%80%D0%B5%D0%B1%D0%BB%D0%B5%D0%BD%D0%B8%D0%B5" title="Потребление – Bulgarian" lang="bg" hreflang="bg" data-title="Потребление" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Consum" title="Consum – Catalan" lang="ca" hreflang="ca" data-title="Consum" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cv mw-list-item"><a href="https://cv.wikipedia.org/wiki/%D0%A3%D1%81%C4%83%D0%BA%D1%83%D1%80%D0%B0%D1%81%D0%BB%C4%83%D1%85" title="Усăкураслăх – Chuvash" lang="cv" hreflang="cv" data-title="Усăкураслăх" data-language-autonym="Чӑвашла" data-language-local-name="Chuvash" class="interlanguage-link-target"><span>Чӑвашла</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Spot%C5%99eba" title="Spotřeba – Czech" lang="cs" hreflang="cs" data-title="Spotřeba" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Forbrug_(%C3%B8konomi)" title="Forbrug (økonomi) – Danish" lang="da" hreflang="da" data-title="Forbrug (økonomi)" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Konsum" title="Konsum – German" lang="de" hreflang="de" data-title="Konsum" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Tarbimine" title="Tarbimine – Estonian" lang="et" hreflang="et" data-title="Tarbimine" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Consumo" title="Consumo – Spanish" lang="es" hreflang="es" data-title="Consumo" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Konsumo" title="Konsumo – Esperanto" lang="eo" hreflang="eo" data-title="Konsumo" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Kontsumo" title="Kontsumo – Basque" lang="eu" hreflang="eu" data-title="Kontsumo" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D8%B5%D8%B1%D9%81" title="مصرف – Persian" lang="fa" hreflang="fa" data-title="مصرف" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Consommation" title="Consommation – French" lang="fr" hreflang="fr" data-title="Consommation" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%86%8C%EB%B9%84" title="소비 – Korean" lang="ko" hreflang="ko" data-title="소비" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8D%D5%BA%D5%A1%D5%BC%D5%B8%D6%82%D5%B4" title="Սպառում – Armenian" lang="hy" hreflang="hy" data-title="Սպառում" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%89%E0%A4%AA%E0%A4%AD%E0%A5%8B%E0%A4%97_(%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%B6%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%8D%E0%A4%B0)" title="उपभोग (अर्थशास्त्र) – Hindi" lang="hi" hreflang="hi" data-title="उपभोग (अर्थशास्त्र)" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Konsumo" title="Konsumo – Ido" lang="io" hreflang="io" data-title="Konsumo" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Konsumsi" title="Konsumsi – Indonesian" lang="id" hreflang="id" data-title="Konsumsi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Consumo" title="Consumo – Italian" lang="it" hreflang="it" data-title="Consumo" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A6%D7%A8%D7%99%D7%9B%D7%94_(%D7%9B%D7%9C%D7%9B%D7%9C%D7%94)" title="צריכה (כלכלה) – Hebrew" lang="he" hreflang="he" data-title="צריכה (כלכלה)" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Konsumsi" title="Konsumsi – Javanese" lang="jv" hreflang="jv" data-title="Konsumsi" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target"><span>Jawa</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%85%E0%B2%A8%E0%B3%81%E0%B2%AD%E0%B3%8B%E0%B2%97" title="ಅನುಭೋಗ – Kannada" lang="kn" hreflang="kn" data-title="ಅನುಭೋಗ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%9B%E1%83%9D%E1%83%AE%E1%83%9B%E1%83%90%E1%83%A0%E1%83%94%E1%83%91%E1%83%90" title="მოხმარება – Georgian" lang="ka" hreflang="ka" data-title="მოხმარება" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%A2%D2%B1%D1%82%D1%8B%D0%BD%D1%83_(%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0)" title="Тұтыну (экономика) – Kazakh" lang="kk" hreflang="kk" data-title="Тұтыну (экономика)" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ht mw-list-item"><a href="https://ht.wikipedia.org/wiki/Konsomasyon" title="Konsomasyon – Haitian Creole" lang="ht" hreflang="ht" data-title="Konsomasyon" data-language-autonym="Kreyòl ayisyen" data-language-local-name="Haitian Creole" class="interlanguage-link-target"><span>Kreyòl ayisyen</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Consumptio_(oeconomia)" title="Consumptio (oeconomia) – Latin" lang="la" hreflang="la" data-title="Consumptio (oeconomia)" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Pat%C4%93ri%C5%86%C5%A1" title="Patēriņš – Latvian" lang="lv" hreflang="lv" data-title="Patēriņš" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Konsum" title="Konsum – Luxembourgish" lang="lb" hreflang="lb" data-title="Konsum" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target"><span>Lëtzebuergesch</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Konsumpcija" title="Konsumpcija – Lithuanian" lang="lt" hreflang="lt" data-title="Konsumpcija" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Fogyaszt%C3%A1s" title="Fogyasztás – Hungarian" lang="hu" hreflang="hu" data-title="Fogyasztás" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9F%D0%BE%D1%82%D1%80%D0%BE%D1%88%D1%83%D0%B2%D0%B0%D1%87%D0%BA%D0%B0" title="Потрошувачка – Macedonian" lang="mk" hreflang="mk" data-title="Потрошувачка" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%89%E0%A4%AA%E0%A4%AD%E0%A5%8B%E0%A4%97_(%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%B6%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%8D%E0%A4%B0)" title="उपभोग (अर्थशास्त्र) – Marathi" lang="mr" hreflang="mr" data-title="उपभोग (अर्थशास्त्र)" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Consumptie" title="Consumptie – Dutch" lang="nl" hreflang="nl" data-title="Consumptie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%B6%88%E8%B2%BB" title="消費 – Japanese" lang="ja" hreflang="ja" data-title="消費" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Konsum" title="Konsum – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Konsum" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Forbruk" title="Forbruk – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Forbruk" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Iste%CA%BCmol" title="Isteʼmol – Uzbek" lang="uz" hreflang="uz" data-title="Isteʼmol" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Konsumpcja" title="Konsumpcja – Polish" lang="pl" hreflang="pl" data-title="Konsumpcja" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Consumo" title="Consumo – Portuguese" lang="pt" hreflang="pt" data-title="Consumo" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9F%D0%BE%D1%82%D1%80%D0%B5%D0%B1%D0%BB%D0%B5%D0%BD%D0%B8%D0%B5" title="Потребление – Russian" lang="ru" hreflang="ru" data-title="Потребление" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Consumption_(economics)" title="Consumption (economics) – Simple English" lang="en-simple" hreflang="en-simple" data-title="Consumption 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– Central Kurdish" lang="ckb" hreflang="ckb" data-title="بەرخۆری" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Kulutus" title="Kulutus – Finnish" lang="fi" hreflang="fi" data-title="Kulutus" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Konsumtion" title="Konsumtion – Swedish" lang="sv" hreflang="sv" data-title="Konsumtion" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Pagkonsumo" title="Pagkonsumo – Tagalog" lang="tl" hreflang="tl" data-title="Pagkonsumo" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%A8%E0%AF%81%E0%AE%95%E0%AE%B0%E0%AF%8D%E0%AE%B5%E0%AF%81" title="நுகர்வு – Tamil" lang="ta" hreflang="ta" data-title="நுகர்வு" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B9%82%E0%B8%A0%E0%B8%84_(%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%A8%E0%B8%B2%E0%B8%AA%E0%B8%95%E0%B8%A3%E0%B9%8C)" title="การบริโภค (เศรษฐศาสตร์) – Thai" lang="th" hreflang="th" data-title="การบริโภค (เศรษฐศาสตร์)" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/T%C3%BCketim" title="Tüketim – Turkish" lang="tr" hreflang="tr" data-title="Tüketim" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A1%D0%BF%D0%BE%D0%B6%D0%B8%D0%B2%D0%B0%D0%BD%D0%BD%D1%8F" title="Споживання – Ukrainian" lang="uk" hreflang="uk" data-title="Споживання" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%DA%A9%DA%BE%D9%BE%D8%AA" title="کھپت – Urdu" lang="ur" hreflang="ur" data-title="کھپت" data-language-autonym="اردو" data-language-local-name="Urdu" 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src="//upload.wikimedia.org/wikipedia/commons/thumb/d/df/Wikibooks-logo-en-noslogan.svg/16px-Wikibooks-logo-en-noslogan.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/df/Wikibooks-logo-en-noslogan.svg/24px-Wikibooks-logo-en-noslogan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/df/Wikibooks-logo-en-noslogan.svg/32px-Wikibooks-logo-en-noslogan.svg.png 2x" data-file-width="400" data-file-height="400" /></a></span> <a href="https://en.wikibooks.org/wiki/Principles_of_Economics" class="extiw" title="wikibooks:Principles of Economics">Principles of Economics</a></td></tr><tr><td class="sidebar-content" style="text-align:left;colwidth=100px;"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef; border-top:1px solid;background: var(--background-color-interactive, #efefef); color: var(--color-base, #000);;color: var(--color-base)">Tools and <a 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//upload.wikimedia.org/wikipedia/commons/thumb/e/e4/Mall_culture_jakarta89.jpg/440px-Mall_culture_jakarta89.jpg 2x" data-file-width="2560" data-file-height="1920" /></a><figcaption>People buying <a href="/wiki/Home_electronics" class="mw-redirect" title="Home electronics">home electronics</a> at a <a href="/wiki/Shopping_mall" title="Shopping mall">shopping mall</a> in <a href="/wiki/Jakarta" title="Jakarta">Jakarta</a>, <a href="/wiki/Indonesia" title="Indonesia">Indonesia</a></figcaption></figure> <p><b>Consumption</b> refers to the use of resources to fulfill present needs and desires.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> It is seen in contrast to <a href="/wiki/Investing" class="mw-redirect" title="Investing">investing</a>, which is spending for acquisition of <i>future</i> income.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Consumption is a major concept in <a href="/wiki/Economics" title="Economics">economics</a> and is also studied in many other <a href="/wiki/Social_sciences" class="mw-redirect" title="Social sciences">social sciences</a>. </p><p>Different schools of economists define consumption differently. According to <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economists</a>, only the final purchase of newly produced <a href="/wiki/Good_(economics)" class="mw-redirect" title="Good (economics)">goods</a> and <a href="/wiki/Service_(economics)" title="Service (economics)">services</a> by individuals for immediate use constitutes consumption, while other types of expenditure — in particular, <a href="/wiki/Fixed_investment" title="Fixed investment">fixed investment</a>, <a href="/wiki/Intermediate_consumption" title="Intermediate consumption">intermediate consumption</a>, and government spending — are placed in separate categories (see <a href="/wiki/Consumer_choice" title="Consumer choice">consumer choice</a>). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and <a href="/wiki/Marketing" title="Marketing">marketing</a> of <a href="/wiki/Goods_and_services" title="Goods and services">goods and services</a> (e.g., the selection, adoption, use, disposal and recycling of goods and services).<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>Economists are particularly interested in the relationship between consumption and income, as modelled with the <a href="/wiki/Consumption_function" title="Consumption function">consumption function</a>. A similar realist structural view can be found in consumption theory, which views the Fisherian intertemporal choice framework as the real structure of the consumption function. Unlike the passive strategy of structure embodied in inductive structural realism, economists define structure in terms of its invariance under intervention.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Behavioural_economics,_Keynesian_consumption_function"><span id="Behavioural_economics.2C_Keynesian_consumption_function"></span>Behavioural economics, Keynesian consumption function</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=1" title="Edit section: Behavioural economics, Keynesian consumption function"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Consumption_function" title="Consumption function">Consumption function</a></div> <p>The Keynesian <a href="/wiki/Consumption_function" title="Consumption function">consumption function</a> is also known as the <a href="/wiki/Absolute_income_hypothesis" title="Absolute income hypothesis">absolute income hypothesis</a>, as it only bases consumption on current income and ignores potential future income (or lack of). Criticism of this assumption led to the development of <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>'s <a href="/wiki/Permanent_income_hypothesis" title="Permanent income hypothesis">permanent income hypothesis</a> and <a href="/wiki/Franco_Modigliani" title="Franco Modigliani">Franco Modigliani</a>'s <a href="/wiki/Life_cycle_hypothesis" class="mw-redirect" title="Life cycle hypothesis">life cycle hypothesis</a>. </p><p>More recent theoretical approaches are based on <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavioural economics</a> and suggest that a number of behavioural principles can be taken as microeconomic foundations for a behaviourally-based aggregate consumption function.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Behavioural economics also adopts and explains several human behavioural traits within the constraint of the standard economic model. These include <a href="/wiki/Bounded_rationality" title="Bounded rationality">bounded rationality</a>, bounded willpower, and bounded selfishness.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Bounded rationality was first proposed by Herbert Simon. This means that people sometimes respond rationally to their own cognitive limits, which aimed to minimize the sum of the costs of decision making and the costs of error. In addition, bounded willpower refers to the fact that people often take actions that they know are in conflict with their long-term interests. For example, most smokers would rather not smoke, and many smokers willing to pay for a drug or a program to help them quit. Finally, bounded self-interest refers to an essential fact about the utility function of a large part of people: under certain circumstances, they care about others or act as if they care about others, even strangers.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Consumption_and_household_production">Consumption and household production</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=2" title="Edit section: Consumption and household production"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Aggregate consumption is a component of <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Consumption is defined in part by comparison to <a href="/wiki/Production_theory_basics" class="mw-redirect" title="Production theory basics">production</a>. In the tradition of the Columbia School of Household <a href="/wiki/Economics" title="Economics">Economics</a>, also known as the <a href="/wiki/New_Home_Economics" class="mw-redirect" title="New Home Economics">New Home Economics</a>, commercial consumption has to be analyzed in the context of household production. The <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a> of time affects the cost of home-produced substitutes and therefore demand for commercial goods and services.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The elasticity of demand for consumption goods is also a function of who performs chores in households and how their spouses compensate them for opportunity costs of home production.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Different schools of economists define <a href="/wiki/Production_(economics)" title="Production (economics)">production</a> and consumption differently. According to <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economists</a>, only the final purchase of <a href="/wiki/Good_(economics)" class="mw-redirect" title="Good (economics)">goods</a> and <a href="/wiki/Service_(economics)" title="Service (economics)">services</a> by individuals constitutes consumption, while other types of expenditure — in particular, <a href="/wiki/Fixed_investment" title="Fixed investment">fixed investment</a>, <a href="/wiki/Intermediate_consumption" title="Intermediate consumption">intermediate consumption</a>, and government spending — are placed in separate categories (See <a href="/wiki/Consumer_choice" title="Consumer choice">consumer choice</a>). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and <a href="/wiki/Marketing" title="Marketing">marketing</a> of <a href="/wiki/Goods_and_services" title="Goods and services">goods and services</a> (e.g., the selection, adoption, use, disposal and recycling of goods and services).<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2024)">citation needed</span></a></i>]</sup> </p><p>Consumption can also be measured in a variety of different ways such as <a href="/wiki/Energy" title="Energy">energy</a> in <a href="/wiki/Energy_economics" title="Energy economics">energy economics</a> metrics. </p> <div class="mw-heading mw-heading2"><h2 id="Consumption_as_part_of_GDP">Consumption as part of GDP</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=3" title="Edit section: Consumption as part of GDP"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a> (Gross domestic product) is defined via this formula:<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y=C+G+I+NX}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>Y</mi> <mo>=</mo> <mi>C</mi> <mo>+</mo> <mi>G</mi> <mo>+</mo> <mi>I</mi> <mo>+</mo> <mi>N</mi> <mi>X</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y=C+G+I+NX}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/ab0e0151303bbddb3c892fed6ab85eb4f443b275" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.505ex; width:22.201ex; height:2.343ex;" alt="{\displaystyle Y=C+G+I+NX}"></span> </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle C}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>C</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle C}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/4fc55753007cd3c18576f7933f6f089196732029" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.766ex; height:2.176ex;" alt="{\displaystyle C}"></span> stands for consumption. </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle G}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>G</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle G}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/f5f3c8921a3b352de45446a6789b104458c9f90b" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.827ex; height:2.176ex;" alt="{\displaystyle G}"></span> stands for total government spending. (including salaries) </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle I}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>I</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle I}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/535ea7fc4134a31cbe2251d9d3511374bc41be9f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.172ex; height:2.176ex;" alt="{\displaystyle I}"></span> stands for Investments. </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle NX}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>N</mi> <mi>X</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle NX}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/15a60618c803b69d1815aefe119d875e4a7035ce" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:4.044ex; height:2.176ex;" alt="{\displaystyle NX}"></span> stands for net exports. Net exports are exports minus imports. </p><p>In most countries consumption is the most important part of GDP. It usually ranges from 45% from GDP to 85% of GDP.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Consumption_in_microeconomics">Consumption in microeconomics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=4" title="Edit section: Consumption in microeconomics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Microeconomics" title="Microeconomics">microeconomics</a>, <a href="/wiki/Consumer_choice" title="Consumer choice">consumer choice</a> is a theory that assumes that people are rational consumers and they decide on what combinations of goods to buy based on their utility function (which goods provide them with more use/happiness) and their budget constraint (which combinations of goods they can afford to buy).<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Consumers try to maximize <a href="/wiki/Utility" title="Utility">utility</a> while staying within the limits of their budget constrain or to minimize cost while getting the target level of utility.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> A special case of this is the consumption-leisure model where a consumer chooses between a combination of leisure and working time, which is represented by income.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>However, <a href="/wiki/Behavioural_economics" class="mw-redirect" title="Behavioural economics">behavioural economics</a> shows that consumers do not behave rationally and they are influenced by factors other than their utility from the given good. Those factors can be the popularity of a given good or its position in a supermarket.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Consumption_in_macroeconomics">Consumption in macroeconomics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=5" title="Edit section: Consumption in macroeconomics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomics</a> in the theory of <a href="/wiki/National_accounts" title="National accounts">national accounts</a> consumption is not only the amount of money that is spent by households on goods and services from companies, but also the expenditures of government that are meant to provide things for citizens they would have to buy themselves otherwise. This means things like healthcare.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Where consumption is equal to income minus savings. Consumption can be calculated via this formula:<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle C=C_{0}+c*Y_{d}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>C</mi> <mo>=</mo> <msub> <mi>C</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>0</mn> </mrow> </msub> <mo>+</mo> <mi>c</mi> <mo>∗</mo> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>d</mi> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle C=C_{0}+c*Y_{d}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/b9cfe3e66bbfca2a9faf6346e880042df0828d50" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:16.065ex; height:2.509ex;" alt="{\displaystyle C=C_{0}+c*Y_{d}}"></span> </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle C_{0}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>C</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>0</mn> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle C_{0}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/23da38e31194b9ae0524ec18c8489693f3be5389" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:2.716ex; height:2.509ex;" alt="{\displaystyle C_{0}}"></span> stands for autonomous consumption which is minimal consumption of household that is achieved always, by either reducing the savings of household or by borrowing money. </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle c}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>c</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle c}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/86a67b81c2de995bd608d5b2df50cd8cd7d92455" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.007ex; height:1.676ex;" alt="{\displaystyle c}"></span> is marginal propensity to consume where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle c\in [0,1]}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>c</mi> <mo>∈</mo> <mo stretchy="false">[</mo> <mn>0</mn> <mo>,</mo> <mn>1</mn> <mo stretchy="false">]</mo> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle c\in [0,1]}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/02b2796dc5e3cb6527d1ac6e766dc1da2ef1e120" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:8.5ex; height:2.843ex;" alt="{\displaystyle c\in [0,1]}"></span> and it reveals how much of household income is spent on consumption. </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y_{d}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>d</mi> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y_{d}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/50d7700bea96b0b3fb4f8f95af4883ffc129cfdc" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:2.443ex; height:2.509ex;" alt="{\displaystyle Y_{d}}"></span> is the disposable income of the household. </p> <div class="mw-heading mw-heading2"><h2 id="Consumption_as_a_measurement_of_growth">Consumption as a measurement of growth</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=6" title="Edit section: Consumption as a measurement of growth"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Consumption of <a href="/wiki/Electric_energy_consumption" title="Electric energy consumption">electric energy</a> is positively correlated with economical growth. As electric energy is one of the most important inputs of the economy. Electric energy is needed to produce goods and to provide services to consumers. There is a statistically significant effect of electrical energy consumption and economic growth that is positive. Electricity consumption reflects economic growth. With the gradual rise of people's material level, electric energy consumption is also gradually increasing. In Iran, for example, electricity consumption has increased along with economic growth since 1970. But as countries continue to develop this effect is decreasing as they optimize their production, by getting more energy-efficient equipment. Or by transferring parts of their production to foreign nations where the cost of electrical energy is smaller.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> <span class="mw-default-size" typeof="mw:File"><a href="/wiki/File:Energy_consumption_per_capita-Iran_(Cro).PNG" class="mw-file-description" title="Energy consumption per capita-Iran (Cro)"><img alt="Energy consumption per capita-Iran (Cro)" src="//upload.wikimedia.org/wikipedia/commons/9/9e/Energy_consumption_per_capita-Iran_%28Cro%29.PNG" decoding="async" width="740" height="350" class="mw-file-element" data-file-width="740" data-file-height="350" /></a></span> </p> <div class="mw-heading mw-heading2"><h2 id="Determinant_factors_of_consumption">Determinant factors of consumption</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=7" title="Edit section: Determinant factors of consumption"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The main factors affecting consumption studied by economists include: </p><p><b>Income:</b> Economists consider the income level to be the most crucial factor affecting consumption. Therefore, the offered consumption functions often emphasize this variable. Keynes considers absolute income,<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Duesenberry considers relative income,<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> and Friedman considers permanent income as factors that determine one's consumption.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p><b>Consumer expectations:</b> Changes in the prices would change the real income and purchasing power of the consumer. If the consumer's expectations about future prices change, it can change his consumption decisions in the present period. </p><p><b>Consumer assets and wealth:</b> These refer to assets in the form of cash, bank deposits, securities, as well as physical assets such as stocks of durable goods or real estate such as houses, land, etc. These factors can affect consumption; if the mentioned assets are sufficiently liquid, they will remain in reserve and can be used in emergencies. </p><p><b>Consumer credits:</b> The increase in the consumer's credit and his credit transactions can allow the consumer to use his future income at present. As a result, it can lead to more consumption expenditure compared to the case that the only purchasing power is current income. </p><p><b>Interest rate:</b> Fluctuations in interest rates can affect household consumption decisions. An increase in interest rates increases people's savings and, as a result, reduces their consumption expenditures. </p><p><b>Household size:</b> Households' absolute consumption costs increase as the number of family members increases. Although for some goods, as the number of households increases, the consumption of such goods would increase relatively less than the number of households. This happens due to the phenomena of the economy of scale. </p><p><b>Social groups:</b> Household consumption varies in different social groups. For example, the consumption pattern of employers is different from the consumption pattern of workers. The smaller the gap between groups in a society, the more homogeneous consumption pattern within the society. </p><p><b>Consumer taste:</b> One of the important factors in shaping the consumption pattern is consumer taste. This factor, to some extent, can affect other factors such as income and price levels. On the other hand, society's culture has a significant impact on shaping the tastes of consumers. </p><p><b>Area:</b> Consumption patterns are different in different geographical regions. For example, this pattern differs from urban and rural areas, crowded and sparsely populated areas, economically active and inactive areas, etc. </p> <div class="mw-heading mw-heading2"><h2 id="Consumption_theories">Consumption theories</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=8" title="Edit section: Consumption theories"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Consumption theories began with John Maynard Keynes in 1936 and were developed by economists such as Friedman, Dusenbery, and Modigliani. The relationship between consumption and income was a crucial concept in macroeconomic analysis for a long time. </p> <div class="mw-heading mw-heading3"><h3 id="Absolute_Income_Hypothesis">Absolute Income Hypothesis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=9" title="Edit section: Absolute Income Hypothesis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Absolute_income_hypothesis" title="Absolute income hypothesis">Absolute income hypothesis</a></div> <p>In his 1936 General Theory,<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Keynes introduced the consumption function. He believed that various factors influence consumption decisions; But in the short run, the most important factor is real income. According to the Absolute Income Hypothesis, <a href="/wiki/Consumer_spending" title="Consumer spending">consumer spending</a> on consumption goods and services is a linear function of his current disposable income. </p> <div class="mw-heading mw-heading3"><h3 id="Relative_Income_Hypothesis">Relative Income Hypothesis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=10" title="Edit section: Relative Income Hypothesis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/James_Duesenberry" title="James Duesenberry">James Duesenberry</a> proposed this model in 1949.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> This theory is based on two assumptions: </p> <ol><li>People's consumption behavior is not independent of each other. In other words, two people with the same income that live in two different positions within the income distribution will have different consumptions. In fact, one compares oneself with other people, and what has a significant impact on one's consumption is one's position among individuals and groups in society; Therefore, a person only feels an improvement in his situation in terms of consumption if his average consumption increases relative to the average level of society. This phenomenon is called the Demonstration Effect.</li> <li>Consumer behavior over time is irreversible. This means that when income declines, consumer spending is sticky to the former level. After getting used to a level of consumption, a person shows resistance to reducing it and is unwilling to reduce that level of consumption. This phenomenon is called the ratchet effect.</li></ol> <div class="mw-heading mw-heading3"><h3 id="Intertemporal_consumption">Intertemporal consumption</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=11" title="Edit section: Intertemporal consumption"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The model of <a href="/wiki/Intertemporal_consumption" title="Intertemporal consumption">intertemporal consumption</a> was first thought of by <a href="/wiki/John_Rae_(economist)" title="John Rae (economist)">John Rae</a> in <a href="/wiki/1830s" title="1830s">1830s</a> and it was later expanded by <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a> in <a href="/wiki/1930s" title="1930s">1930s</a> in the book <i>Theory of interest</i>. This model describes how consumption is distributed over periods of life. In the basic model with 2 periods for example young and old age. </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle S_{1}=Y_{1}-C_{1}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> <mo>=</mo> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> <mo>−</mo> <msub> <mi>C</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle S_{1}=Y_{1}-C_{1}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/01fe6e400ddd68dbd2a8bdd184b68ffbf6582df5" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:13.539ex; height:2.509ex;" alt="{\displaystyle S_{1}=Y_{1}-C_{1}}"></span> </p><p>And then </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle C_{2}=Y_{2}+S_{1}\times (1+r)}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>C</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msub> <mo>=</mo> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msub> <mo>+</mo> <msub> <mi>S</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> <mo>×</mo> <mo stretchy="false">(</mo> <mn>1</mn> <mo>+</mo> <mi>r</mi> <mo stretchy="false">)</mo> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle C_{2}=Y_{2}+S_{1}\times (1+r)}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/2c0ececca51a83a8281d9d3ca92de98d01b024ac" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:23.24ex; height:2.843ex;" alt="{\displaystyle C_{2}=Y_{2}+S_{1}\times (1+r)}"></span> </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle C}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>C</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle C}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/4fc55753007cd3c18576f7933f6f089196732029" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.766ex; height:2.176ex;" alt="{\displaystyle C}"></span> is the consumption in a given year. </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>Y</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/961d67d6b454b4df2301ac571808a3538b3a6d3f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.171ex; width:1.773ex; height:2.009ex;" alt="{\displaystyle Y}"></span> is the income received in a given year. </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle S}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>S</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle S}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/4611d85173cd3b508e67077d4a1252c9c05abca2" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.499ex; height:2.176ex;" alt="{\displaystyle S}"></span> are saving from a given year. </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle r}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>r</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle r}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/0d1ecb613aa2984f0576f70f86650b7c2a132538" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.049ex; height:1.676ex;" alt="{\displaystyle r}"></span> is the interest rate. </p><p>Indexes 1,2 stand for period 1 and period 2. </p><p>This model can be expanded to represent each year of a lifetime.<sup id="cite_ref-:0_28-0" class="reference"><a href="#cite_note-:0-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Permanent_income_hypothesis">Permanent income hypothesis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=12" title="Edit section: Permanent income hypothesis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The permanent income hypothesis was developed by <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> in the <a href="/wiki/1950s" title="1950s">1950s</a> in his book <i>A theory of the Consumption Function</i>. This theory divides income into two components: <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y_{t}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>t</mi> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y_{t}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/95734a78eb8407939c3496cbfd92763ced1e41e1" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:2.177ex; height:2.509ex;" alt="{\displaystyle Y_{t}}"></span> is transitory income and <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y_{p}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>p</mi> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y_{p}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/d71ca473e6f93c42b00908354420467f3091b66e" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -1.005ex; width:2.41ex; height:2.843ex;" alt="{\displaystyle Y_{p}}"></span> is permanent income, such that <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y=Y_{t}+Y_{p}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>Y</mi> <mo>=</mo> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>t</mi> </mrow> </msub> <mo>+</mo> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>p</mi> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y=Y_{t}+Y_{p}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/12846340c54a6e06e07c41d9d997e1861719e394" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -1.005ex; width:12.298ex; height:2.843ex;" alt="{\displaystyle Y=Y_{t}+Y_{p}}"></span>. </p><p>Changes in the two components have different impacts on consumption. If <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y_{p}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>p</mi> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y_{p}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/d71ca473e6f93c42b00908354420467f3091b66e" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -1.005ex; width:2.41ex; height:2.843ex;" alt="{\displaystyle Y_{p}}"></span> changes then consumption changes accordingly by <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \alpha \times Y_{p}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>α</mi> <mo>×</mo> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>p</mi> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \alpha \times Y_{p}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/a2eb2e3cf33ed263ad86385dff02c3370f79044f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -1.005ex; width:6.738ex; height:2.843ex;" alt="{\displaystyle \alpha \times Y_{p}}"></span>, where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \alpha }"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>α</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \alpha }</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/b79333175c8b3f0840bfb4ec41b8072c83ea88d3" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.488ex; height:1.676ex;" alt="{\displaystyle \alpha }"></span> is known as the <i>marginal propensity to consume</i>. If we expect part of income to be saved or invested, then <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \alpha \in (0,1)}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>α</mi> <mo>∈</mo> <mo stretchy="false">(</mo> <mn>0</mn> <mo>,</mo> <mn>1</mn> <mo stretchy="false">)</mo> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \alpha \in (0,1)}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/5df576f7940384416d1553ab063704d37bf99420" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:9.496ex; height:2.843ex;" alt="{\displaystyle \alpha \in (0,1)}"></span>, otherwise <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \alpha =1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>α</mi> <mo>=</mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \alpha =1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/03d67a45a44be8b8f15e99b7def2b0cf0aba1717" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:5.749ex; height:2.176ex;" alt="{\displaystyle \alpha =1}"></span>. On the other hand, if <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y_{t}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>Y</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>t</mi> </mrow> </msub> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y_{t}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/95734a78eb8407939c3496cbfd92763ced1e41e1" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:2.177ex; height:2.509ex;" alt="{\displaystyle Y_{t}}"></span> changes (for example as a result of winning the lottery), then this increase in income is distributed over the remaining lifespan. For example, winning $1000 with the expectation of living for 10 more years will result in yearly increase of consumption by $100.<sup id="cite_ref-:0_28-1" class="reference"><a href="#cite_note-:0-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Life-cycle_hypothesis">Life-cycle hypothesis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=13" title="Edit section: Life-cycle hypothesis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Life-cycle_hypothesis" title="Life-cycle hypothesis">life-cycle hypothesis</a> was published by <a href="/wiki/Franco_Modigliani" title="Franco Modigliani">Franco Modigliani</a> in 1966. It describes how people make consumption decisions based on their past income, current income, and future income as they tend to distribute their consumption over their lifetime. It is, in its basic form:<sup id="cite_ref-Modigliani1966_29-0" class="reference"><a href="#cite_note-Modigliani1966-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle C=1/T\times W+1/T\times (R\times Y)}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>C</mi> <mo>=</mo> <mn>1</mn> <mrow class="MJX-TeXAtom-ORD"> <mo>/</mo> </mrow> <mi>T</mi> <mo>×</mo> <mi>W</mi> <mo>+</mo> <mn>1</mn> <mrow class="MJX-TeXAtom-ORD"> <mo>/</mo> </mrow> <mi>T</mi> <mo>×</mo> <mo stretchy="false">(</mo> <mi>R</mi> <mo>×</mo> <mi>Y</mi> <mo stretchy="false">)</mo> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle C=1/T\times W+1/T\times (R\times Y)}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/b0b5df01637abd4b69ce3138d1e073c062afc510" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:31.931ex; height:2.843ex;" alt="{\displaystyle C=1/T\times W+1/T\times (R\times Y)}"></span> </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle C}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>C</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle C}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/4fc55753007cd3c18576f7933f6f089196732029" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.766ex; height:2.176ex;" alt="{\displaystyle C}"></span> is the consumption in given year. </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle T}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>T</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle T}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/ec7200acd984a1d3a3d7dc455e262fbe54f7f6e0" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.636ex; height:2.176ex;" alt="{\displaystyle T}"></span> is the number of years the individual is going to live for. </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle R}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>R</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle R}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/4b0bfb3769bf24d80e15374dc37b0441e2616e33" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.764ex; height:2.176ex;" alt="{\displaystyle R}"></span> is for how many more years will the individual be working. </p><p>Where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>Y</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/961d67d6b454b4df2301ac571808a3538b3a6d3f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.171ex; width:1.773ex; height:2.009ex;" alt="{\displaystyle Y}"></span> is the average wage the individual will be paid over his or her remaining work time </p><p>And <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle W}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>W</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle W}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/54a9c4c547f4d6111f81946cad242b18298d70b7" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:2.435ex; height:2.176ex;" alt="{\displaystyle W}"></span> is the wealth he has already accumulated in his or her life.<sup id="cite_ref-Modigliani1966_29-1" class="reference"><a href="#cite_note-Modigliani1966-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Access-based_consumption">Access-based consumption</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=14" title="Edit section: Access-based consumption"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The term "access-based consumption" refers to the increasing extent to which people seek the experience of temporarily accessing goods rather than owning them, thus there are opportunities for a "<a href="/wiki/Sharing_economy" title="Sharing economy">sharing economy</a>" to develop, although Bardhi and Eckhardt outline differences between "access" and "sharing".<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Social theorist <a href="/wiki/Jeremy_Rifkin" title="Jeremy Rifkin">Jeremy Rifkin</a> put forward the idea in his 2000 publication <i>The Age of Access</i>.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Old-age_spending">Old-age spending</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=15" title="Edit section: Old-age spending"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><i>Spending the Kids' Inheritance</i> (originally the title of a book on the subject by <a href="/wiki/Annie_Hulley" title="Annie Hulley">Annie Hulley</a>) and the acronyms SKI and SKI'ing refer to the growing number of <a href="/wiki/Retire" class="mw-redirect" title="Retire">older people</a> in <a href="/wiki/Western_culture" title="Western culture">Western society</a> spending their money on travel, cars and <a href="/wiki/Property" title="Property">property</a>, in contrast to previous <a href="/wiki/Generation" title="Generation">generations</a> who tended to leave that money to their children. According to a study from 2017 that was conducted in the USA 20% of married people consider leaving inheritance a priority, while 34% do not consider it as a priority. And about one in ten unmarried Americans (14 percent) plan to spend their retirement money to improve their lives, rather than saving it to leave an inheritance to their children. In addition, three in ten married Americans (28 percent) have downsized or plan to downsize their home after retirement.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p><i>Die Broke</i> (from the book <i>Die Broke: A Radical Four-Part Financial Plan</i> by Stephen Pollan and <a href="/w/index.php?title=Mark_Levine_(economist)&action=edit&redlink=1" class="new" title="Mark Levine (economist) (page does not exist)">Mark Levine</a>) is a similar idea. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=16" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Consumer_debt" title="Consumer debt">Consumer debt</a></li> <li><a href="/wiki/Classification_of_Individual_Consumption_by_Purpose" class="mw-redirect" title="Classification of Individual Consumption by Purpose">Classification of Individual Consumption by Purpose</a> (COICOP)</li> <li><a href="/wiki/Consumer_choice" title="Consumer choice">Consumer choice</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Life_cycle_hypothesis" class="mw-redirect" title="Life cycle hypothesis">Life cycle hypothesis</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a></li> <li><a href="/wiki/Overconsumption" class="mw-redirect" title="Overconsumption">Overconsumption</a></li> <li><a href="/wiki/Permanent_income_hypothesis" title="Permanent income hypothesis">Permanent income hypothesis</a></li> <li><a href="/wiki/List_of_largest_consumer_markets" title="List of largest consumer markets">List of largest consumer markets</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=17" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns 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(July 2021)">page needed</span></a></i>]</sup></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">Friedman, Milton (1957). "The Permanent Income Hypothesis" (PDF). A Theory of the Consumption Function. Princeton University Press. ISBN 978-0-691-04182-7.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (July 2021)">page needed</span></a></i>]</sup></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">Keynes, J. M. (1936). The general theory of employment, interest, and money.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (July 2021)">page needed</span></a></i>]</sup></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">Duesenberry, J. S. Income, Saving and the Theory of Consumer Behaviour. Cambridge: Harvard University Press, 1949<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (July 2021)">page needed</span></a></i>]</sup></span> </li> <li id="cite_note-:0-28"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_28-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_28-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMANKIW2009" class="citation book cs1">MANKIW, N. GREGORY (2009). <i>MACROECONOMICS</i>. Worth Publishers. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4292-1887-0" title="Special:BookSources/978-1-4292-1887-0"><bdi>978-1-4292-1887-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=MACROECONOMICS&rft.pub=Worth+Publishers&rft.date=2009&rft.isbn=978-1-4292-1887-0&rft.aulast=MANKIW&rft.aufirst=N.+GREGORY&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></span> </li> <li id="cite_note-Modigliani1966-29"><span class="mw-cite-backlink">^ <a href="#cite_ref-Modigliani1966_29-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Modigliani1966_29-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFModigliani1966" class="citation journal cs1">Modigliani, Franco (1966). "The Life Cycle Hypothesis of Saving, the Demand for Wealth and the Supply of Capital". <i>Social Research</i>. <b>33</b> (2): <span class="nowrap">160–</span>217. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/40969831">40969831</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Social+Research&rft.atitle=The+Life+Cycle+Hypothesis+of+Saving%2C+the+Demand+for+Wealth+and+the+Supply+of+Capital&rft.volume=33&rft.issue=2&rft.pages=%3Cspan+class%3D%22nowrap%22%3E160-%3C%2Fspan%3E217&rft.date=1966&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F40969831%23id-name%3DJSTOR&rft.aulast=Modigliani&rft.aufirst=Franco&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text">Bardhi, F. and Eckhardt, G. M. (2012), <a rel="nofollow" class="external text" href="https://www.bayes.city.ac.uk/__data/assets/pdf_file/0011/203789/Access-Based-Consumption.pdf">Access-Based Consumption: The Case of Car Sharing</a>, accessed 3 February 2024</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text">The Office of Jeremy Rifkin, <a rel="nofollow" class="external text" href="https://www.foet.org/project/the-age-of-access/">The Age of Access</a>, accessed 3 February 2024</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external free" href="https://s1.q4cdn.com/959385532/files/doc_downloads/research/2018/Marriage-and-Money-Survey.pdf">https://s1.q4cdn.com/959385532/files/doc_downloads/research/2018/Marriage-and-Money-Survey.pdf</a><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources#What_information_to_include" title="Wikipedia:Citing sources"><span title="A complete citation is needed. (July 2021)">full citation needed</span></a></i>]</sup></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=18" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBourdieu1984" class="citation book cs1">Bourdieu, Pierre (1984). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/distinctionsocia0000bour"><i>Distinction: A Social Critique of the Judgement of Taste (paperback)</i></a></span>. Cambridge: <a href="/wiki/Harvard_University_Press" title="Harvard University Press">Harvard University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-674-21277-0" title="Special:BookSources/978-0-674-21277-0"><bdi>978-0-674-21277-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Distinction%3A+A+Social+Critique+of+the+Judgement+of+Taste+%28paperback%29&rft.place=Cambridge&rft.pub=Harvard+University+Press&rft.date=1984&rft.isbn=978-0-674-21277-0&rft.aulast=Bourdieu&rft.aufirst=Pierre&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fdistinctionsocia0000bour&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDeaton,_Angus1992" class="citation book cs1">Deaton, Angus (1992). <i>Understanding Consumption</i>. <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-828824-4" title="Special:BookSources/978-0-19-828824-4"><bdi>978-0-19-828824-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Understanding+Consumption&rft.pub=Oxford+University+Press&rft.date=1992&rft.isbn=978-0-19-828824-4&rft.au=Deaton%2C+Angus&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedman,_Jonathan1994" class="citation book cs1">Friedman, Jonathan (1994). <i>Consumption and Identity (Studies in Anthropology & History)</i>. Washington, DC: <a href="/wiki/Taylor_%26_Francis" title="Taylor & Francis">Taylor & Francis</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-7186-5592-2" title="Special:BookSources/978-3-7186-5592-2"><bdi>978-3-7186-5592-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Consumption+and+Identity+%28Studies+in+Anthropology+%26+History%29&rft.place=Washington%2C+DC&rft.pub=Taylor+%26+Francis&rft.date=1994&rft.isbn=978-3-7186-5592-2&rft.au=Friedman%2C+Jonathan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIsherwood,_Baron_C.Douglas,_Mary1996" class="citation book cs1">Isherwood, Baron C.; Douglas, Mary (1996). <i>The World of Goods: Towards an Anthropology of Consumption (Paperback)</i>. New York: <a href="/wiki/Routledge" title="Routledge">Routledge</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-13047-9" title="Special:BookSources/978-0-415-13047-9"><bdi>978-0-415-13047-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+World+of+Goods%3A+Towards+an+Anthropology+of+Consumption+%28Paperback%29&rft.place=New+York&rft.pub=Routledge&rft.date=1996&rft.isbn=978-0-415-13047-9&rft.au=Isherwood%2C+Baron+C.&rft.au=Douglas%2C+Mary&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIvanovaStadlerSteen-OlsenWood2015" class="citation journal cs1">Ivanova, Diana; Stadler, Konstantin; Steen-Olsen, Kjartan; Wood, Richard; Vita, Gibran; Tukker, Arnold; Hertwich, Edgar G. (18 December 2015). <a rel="nofollow" class="external text" href="https://zenodo.org/record/1134811">"Environmental Impact Assessment of Household Consumption"</a>. <i><a href="/wiki/Journal_of_Industrial_Ecology" title="Journal of Industrial Ecology">Journal of Industrial Ecology</a></i>. <b>20</b> (3): <span class="nowrap">526–</span>536. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjiec.12371">10.1111/jiec.12371</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:155524615">155524615</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Industrial+Ecology&rft.atitle=Environmental+Impact+Assessment+of+Household+Consumption&rft.volume=20&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E526-%3C%2Fspan%3E536&rft.date=2015-12-18&rft_id=info%3Adoi%2F10.1111%2Fjiec.12371&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A155524615%23id-name%3DS2CID&rft.aulast=Ivanova&rft.aufirst=Diana&rft.au=Stadler%2C+Konstantin&rft.au=Steen-Olsen%2C+Kjartan&rft.au=Wood%2C+Richard&rft.au=Vita%2C+Gibran&rft.au=Tukker%2C+Arnold&rft.au=Hertwich%2C+Edgar+G.&rft_id=https%3A%2F%2Fzenodo.org%2Frecord%2F1134811&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMackay,_Hugh1997" class="citation book cs1">Mackay, Hugh, ed. (1997). <i>Consumption and Everyday Life (Culture, Media and Identities series) (Paperback)</i>. Thousand Oaks, Calif: <a href="/wiki/SAGE_Publications" class="mw-redirect" title="SAGE Publications">SAGE Publications</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7619-5438-5" title="Special:BookSources/978-0-7619-5438-5"><bdi>978-0-7619-5438-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Consumption+and+Everyday+Life+%28Culture%2C+Media+and+Identities+series%29+%28Paperback%29&rft.place=Thousand+Oaks%2C+Calif&rft.pub=SAGE+Publications&rft.date=1997&rft.isbn=978-0-7619-5438-5&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMiller,_Daniel1998" class="citation book cs1">Miller, Daniel (1998). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/theoryofshopping00mill"><i>A Theory of Shopping (paperback)</i></a></span>. <a href="/wiki/Ithaca,_N.Y." class="mw-redirect" title="Ithaca, N.Y.">Ithaca, N.Y.</a>: <a href="/wiki/Cornell_University_Press" title="Cornell University Press">Cornell University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8014-8551-0" title="Special:BookSources/978-0-8014-8551-0"><bdi>978-0-8014-8551-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Theory+of+Shopping+%28paperback%29&rft.place=Ithaca%2C+N.Y.&rft.pub=Cornell+University+Press&rft.date=1998&rft.isbn=978-0-8014-8551-0&rft.au=Miller%2C+Daniel&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Ftheoryofshopping00mill&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSlater,_Don1997" class="citation book cs1"><a href="/wiki/Don_Slater" title="Don Slater">Slater, Don</a> (1997). <i>Consumer Culture and Modernity</i>. Cambridge, UK: Polity Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7456-0304-9" title="Special:BookSources/978-0-7456-0304-9"><bdi>978-0-7456-0304-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Consumer+Culture+and+Modernity&rft.place=Cambridge%2C+UK&rft.pub=Polity+Press&rft.date=1997&rft.isbn=978-0-7456-0304-9&rft.au=Slater%2C+Don&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMansvelt2005" class="citation book cs1"><a href="/wiki/Juliana_Mansvelt" title="Juliana Mansvelt">Mansvelt, Juliana</a> (2005). <i>Geographies of Consumption</i>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.4135%2F9781446221433">10.4135/9781446221433</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4462-2143-3" title="Special:BookSources/978-1-4462-2143-3"><bdi>978-1-4462-2143-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Geographies+of+Consumption&rft.date=2005&rft_id=info%3Adoi%2F10.4135%2F9781446221433&rft.isbn=978-1-4462-2143-3&rft.aulast=Mansvelt&rft.aufirst=Juliana&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMohr2021" class="citation book cs1">Mohr, Ernst (2021). <a rel="nofollow" class="external text" href="https://www.transcript-verlag.de/978-3-8376-5703-6/the-production-of-consumer-society/?number=978-3-8394-5703-0"><i>The Production of Consumer Society. Cultural-Economic Principles of Distinction</i></a>. Bielefeld: transcript. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-8376-5703-6" title="Special:BookSources/978-3-8376-5703-6"><bdi>978-3-8376-5703-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Production+of+Consumer+Society.+Cultural-Economic+Principles+of+Distinction&rft.place=Bielefeld&rft.pub=transcript&rft.date=2021&rft.isbn=978-3-8376-5703-6&rft.aulast=Mohr&rft.aufirst=Ernst&rft_id=https%3A%2F%2Fwww.transcript-verlag.de%2F978-3-8376-5703-6%2Fthe-production-of-consumer-society%2F%3Fnumber%3D978-3-8394-5703-0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AConsumption+%28economics%29" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Consumption_(economics)&action=edit&section=19" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Wikiquote-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/34px-Wikiquote-logo.svg.png" decoding="async" width="34" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/51px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/68px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></a></span></div> <div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Special:Search/Consumption_(economics)" class="extiw" title="q:Special:Search/Consumption (economics)">Consumption (economics)</a></b></i>.</div></div> </div> <ul><li><a rel="nofollow" class="external text" href="http://www.economic-truth.co.uk/content-essays/bsc/keynesconsumption.pdf">An essay examining the strengths and weaknesses of Keynes's theory of consumption</a></li></ul> <div class="navbox-styles"><link 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.navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Consumer_behaviour72" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Consumer_behaviour" title="Template:Consumer behaviour"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a 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href="/wiki/Consumer_culture_theory" title="Consumer culture theory">Consumer culture theory</a></li> <li><a href="/wiki/Consumer_debt" title="Consumer debt">Consumer debt</a></li> <li><a href="/wiki/Consumer_economy" title="Consumer economy">Consumer economy</a></li> <li><a href="/wiki/Consumer_spending" title="Consumer spending">Consumer spending</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Research types</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_choice" title="Consumer choice">Consumer choice</a></li> <li><a href="/wiki/Consumer_economics" class="mw-redirect" title="Consumer economics">Consumer economics</a></li> <li><a href="/wiki/Consumer_neuroscience" title="Consumer neuroscience">Consumer neuroscience</a></li> <li><a href="/wiki/Final_good" title="Final good">Consumer product</a></li> <li><a href="/wiki/Marketing_research" title="Marketing research">Marketing research</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Consumer attributes</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_confidence" title="Consumer confidence">Consumer confidence</a></li> <li><a href="/wiki/Consumer_confusion" title="Consumer confusion">Consumer confusion</a></li> <li><a href="/wiki/Consumer_ethnocentrism" title="Consumer ethnocentrism">Consumer ethnocentrism</a></li> <li><a href="/wiki/Consumer_socialization" title="Consumer socialization">Consumer socialization</a></li> <li><a href="/wiki/Consumer%27s_risk" title="Consumer's risk">Consumer's risk</a></li> <li><a href="/wiki/Consumption_function" title="Consumption function">Consumption function</a></li> <li><a href="/wiki/Cultural_consumer" title="Cultural consumer">Cultural consumer</a></li> <li><i><a href="/wiki/Homo_economicus" title="Homo economicus">Homo economicus</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Processes</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumers%27_co-operative" title="Consumers' co-operative">Consumers' co-operative</a></li> <li><a href="/wiki/Consumer-to-business" title="Consumer-to-business">Consumer-to-business</a></li> <li><a href="/wiki/Factory-to-consumer" title="Factory-to-consumer">Factory-to-consumer</a></li> <li><a href="/wiki/Consumer_service" title="Consumer service">Consumer service</a></li> <li><a href="/wiki/Consumerization_of_information_technology" title="Consumerization of information technology">Consumerization</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" 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<li><a href="/wiki/Autonomous_consumption" title="Autonomous consumption">Autonomous consumption</a></li> <li><a href="/wiki/Induced_consumption" title="Induced consumption">Induced consumption</a></li> <li><a href="/wiki/Conspicuous_consumption" title="Conspicuous consumption">Conspicuous consumption</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theories</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Absolute_income_hypothesis" title="Absolute income hypothesis">Absolute income hypothesis</a></li> <li><a href="/wiki/Life-cycle_hypothesis" title="Life-cycle hypothesis">Life-cycle hypothesis</a></li> <li><a href="/wiki/Permanent_income_hypothesis" title="Permanent income hypothesis">Permanent income hypothesis</a></li> <li><a href="/wiki/Random_walk_model_of_consumption" title="Random walk model of consumption">Random walk model of consumption</a></li> <li><a href="/wiki/Relative_income_hypothesis" title="Relative income hypothesis">Relative income hypothesis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_largest_consumer_markets" title="List of largest consumer markets">List of largest consumer markets</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" 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