After it was announced that Mr. Friedman had received the Nobel Prize, one day he was lecturing on his permanent income hypothesis. He was describing the effects of small changes in income on current and future consumption. I commented that I thought I understood the hypothesis for small changes and asked whether the same effects (more…)
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Deirdre N. McCloskey is Distinguished Professor of Economics, History, English, and Communication at the University of Illinois at Chicago;
and Professor of Economic History, Gothenburg University, Sweden
Susan B. MacDonald, Editor
www.deirdremccloskey.org - website designed & built by susan b. macdonald - print date: Monday, 21 May 2012 - statcounter
