Consumption Function by chafzal33

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and OP is income consumption curve. The income consumption line OP lies
below the income line OL. The mpc will be measured by the tangent of the
angle that income consumption curve makes with X-axis.

  EMBED Equation.3

The curve as we have drawn turns out to be straight line rising from the
origin, which means that mpc is constant throughout. This, however, need
not be so and the curve may well become flatter as income rises, for as
more and more consumption needs have been satisfied, a greater share of
an increase in income than before may be saved. The dotted curve OM
represents such a relationship showing that as income rises, mpc becomes
smaller and smaller.

There is a level of disposable income (DI) at which the entire income is
spent and nothing is saved. This point is often known as ‘point of zero
savings’. Below this level of DI, the consumption expenditure will
exceed the DI. There may be cases in which the consumer has no income at
all. In such cases, the income consumption curve may not rise from the
origin but from farther left showing that when income is zero,
consumption is not zero and that the individual is living on his past
savings.

Propensity to Save:
In the above diagram, ON represents the saving-income curve. Savings at
a given level of income can also be read off from the distance between a
point on income-consumption curve and corresponding point on income curve
(See the figure of income-consumption relationship). The marginal
propensity to save (mps) can be measured by the slope of income-saving
curve ON. Marginal propensity to save (mps) is the increment in savings
caused by a given increment in income. The mps is always equal to one
minus mpc:

  EMBED Equation.3

  EMBED Equation.3

Keynes’ Law of Consumption:
Keynes propounded a law based on the analysis of consumption function.
This law is known as ‘Fundamental Law of Consumption’ or ‘Psychological
Law of Consumption’. It states that aggregate consumption is a function
of aggregate disposable income.

Propositions of the Law:
This law consists of three propositions:

When aggregate income increases, consumption expenditure will also
increase but by a somewhat smaller amount.

When income increases, the increment of income will be divided in same
proportion between saving and consumption. Consumption and saving go
side by side. What is not consumed is saved. Savings is, thus, the
complement of consumption.

As income increases, both consumption spending and saving go up. An
increment in income is unlikely to lead either to less spending or less
savings than before. It will seldom happen that a person may decrease
his consumption or his savings when he has got more income.

Assumptions:
Habits of people regarding spending do not change or that the propensity
to consume remains the same or stable.

The economic conditions remain normal.     There is no hyper-inflation or
war or other abnormal conditions.
The economy is a free-market economy.   There is no government
intervention.

The important characteristic of the slope of consumption function is that
the marginal propensity to consume (mpc) will be less than unity. This
results in low-consumption and high-saving economy.

Implications:
According to Keynesian theory, the mpc is less than unity, which brings
out the following implications:

Since consumption largely depends on income and consumption function is
more or less stable, it is necessary to increase investment fill the gap
of declining consumption as income increases. If this is not done, the
increased output will not be profitable.

When the income increases, and the consumption are not increased, there
is a danger of over-production. The government will have to step in to
remedy the situation. Therefore, the policy of laissez-faire will not
work here.

If the consumption is not increased, the marginal efficiency of capital
(MEC) will diminish. The demand for capital will also diminish, and all
the economic progress will come to a standstill.

Keynes’ Law explains the turning points in the business cycle. When the
trade cycle has reached the highest point of prosperity, income has gone
up. But since consumption does not correspondingly go up, the downward
cycle starts, for demand has lagged behind. In the same manner, when the
business cycle has touched the lowest point, the cycle starts upwards,
because consumption cannot be diminished beyond a certain point. This is
due to the stability of mpc.

Since the mpc is less than unity, this law explains the over-saving gap.
As income goes on increasing, consumption does not increase as much.
Hence saving process proceeds cumulatively and there arises a danger of
over-saving.

This law also explains the unique nature of income generation. If money
is injected into the economic system, it will increase consumption but to
a smaller extent than increase in income. This again is due to the fact
that consumption does not increase along with increase in income.

Factors Influencing Consumption Function:
There are certain factors affecting the propensity to consume in the
long-run:

1. Objective Factors:

Distribution of income: It is generally observed that the average and
marginal propensities to consume of the poor are greater than those of
the rich. This is because the poor has a lot of unsatisfied wants and he
is likely to seize every opportunity that comes his way to satisfy them.
On the other hand, the rich have already a high standard of living and
relatively less urgent wants remain to be satisfied, so that in their
case, an addition to their incomes is more likely to be saved than spent
on consumption.

Fiscal policy: Fiscal policy of the government will also influence the
consumption behaviour of an economy. A reduction in taxation will leave
more post-tax incomes with the people and this will stimulate higher
expenditure on consumptions. Similarly, an increase in taxes will
depress consumption.

Changes in business expectations: Business expectations by affecting the
incomes of certain classes of people affect consumption function.

Windfall gains and losses: The windfall losses and gains arising out of
changes in capital values affect the ‘saving brackets’ mostly and not the
spending sections. Hence, their influence on consumption function is not
so well marked.

Liquidity preferences: Another factor is the people’s liquidity
preferences. If people prefer to keep their income in liquid ford,
consumption is reduced correspondingly.

Substantial changes in the rate of interest.

2. Subjective Factors:

Individual motives to save:

Building of reserves for unforeseen contingencies as illness or
unemployment,

To provide for anticipated future needs such as daughter’s wedding, son’s
education, etc.

To enjoy an enlarged future income by investing funds out of current
income, etc.

Business motives:

The desire to expand business,

The desire to face emergencies successfully,

The desire to have successful management,

The desire to ensure sufficient financial provision against depreciation
and obsolescence.

Measures for Raising Consumption:
Redistribution of income in favour of poor where propensity to consume is
greater.

Comprehensive social security measures like unemployment doles, old-age
pension, sickness insurance, etc.

Liberal wage policy, and

Credit facilities for middle and poor classes for purchasing more
consumer goods.

Importance of Consumption Function:
Important tool of macro-economic analysis.

Value of the multiplier gives us a link between changes in investment and
changes in income.

Consumption function invalidates the Say’s Law, which states that supply
creates its own demand, because this theory does not hold accurate in the
real world.

It shows the crucial importance of investment.

It explains the reasons of declining MEC.

It explains the turning points of business cycle.

Post-Keynesian Developments Regarding Consumption Function:
(a) The Ratchet Effect:
Professor Duesenberry says that in matter of consumption, an individual
is not merely influenced by current income, but also by standard of
living in the past.

The consumers are not easily reconciled to fall in their income. They
try hard to maintain their previous standard of living. This is to
maintain their position among their relatives, friends and neighbours.

Consumption as a proportion of income goes up as income increases and
does not fall in the same proportion as the income falls. In other
words, consumption is not reversible. This is known as ‘Ratchet Effect’.

(b) Demonstration Effect:
The Duesenberry Hypothesis suggests that the consumer expenditure depends
on relative and not on absolute incomes. The consumption function is
linear rather than curved because it is the income of a family relative
to that of other families.

The ‘Demonstration Effect’ determines how much a consumer spent and how
much he saves. Middle-class and poor people imitate the life style of
rich people. People in under-developed countries try to follow the
consumption pattern of affluent nations. This is called the
‘Demonstration Effect’, and it is dangerous as it retards the economic
growth.

(c) Pigou Effect:
When prices fall as a result of a cut in money wages, the purchasing
power of money with a consumer increases, or there is an increase in the
real value of money. People feel that they are now better off and they
increase their consumption expenditure. This leads to expansion in GNP
and has been referred to as ‘Pigou Effect’.

Keynes seems to be agreed that theoretically it is possible to bring
about full employment by sufficiently lowering the money wages. But the
process would be so slow that it could be ignored as a practical
possibility. It would be more realistic to assume that wages are not so
flexible (as assumed by Pigou) as to permit the working of Pigou effect
to bring about full employment.

(d) Government Consumption:
Another factor which affects consumption and the level of economic
activity is the government expenditure.

It differs from country to country and in the same country it differs
over time.

Government may have a vital role in creating employment, influencing
consumption and adjusting saving through fiscal and other policies.

Theories of Consumption Function:
There are three different economic theories explaining consumption-income
relationship:

Absolute Income Theory: According to Keynes, on average, men increase
their consumption as their income increases but not by as much as the
increase in income. In other words, the average propensity to consume
goes down as the absolute level of income goes up. Hence, according to
this theory, the level of consumption expenditure depends upon the
absolute level of income and the relationship between the two variables
is non-proportionate. However, it is pointed out that although this
relationship is one of non-proportionality, yet there is illusion of
proportionality caused by factors other than income, viz., accumulated
wealth, migration to urban areas, new consumer goods, etc. Owing to such
factors as these, the consumers spend more and the relationship appears
to be proportional.

Relative Income Hypothesis: The Relative Income Hypothesis was first
introduced by Dorothy Brady and Ross Friedman. It states that the
consumption expenditure does not depend on the absolute level of income
but instead the relative level of income.

According to Dussenberry, there is a strong tendency for the people to
emulate and imitate the consumption pattern of their neighbours. This is
the ‘demonstration effect’. The relative income hypothesis also tells us
that the level of consumption spending is determined by the households’
level of current income relative to the highest level of income earned
previously. People are then reluctant to revert to the previous low
level of consumption. This is ‘ratchet effect’.

The relative income theory states that if current and peak incomes grow
together changes in consumption are always proportional to change in
income. That is, when the current income rises proportionally with peak
income, the apc remains constant.
This proportionality relationship can be illustrated by the following
diagram:




Income and consumption lines (Y and C) show proportional relationship,
when income grows steadily. Similarly, if income grows in spurts and
dips, the response of the consumption is same. Thus Y’ and C’ lines show
proportional relationship.

Permanent Income Hypothesis: Friedman draws a distinction between
permanent consumption and transitory consumption. Permanent consumption
stands for that part of consumer expenditure which the consumer regards
as permanent and the rest is transitory. Distinction can also be made
between durable and non-durable consumer goods. Durable consumption is
concerned with purchasing capital assets and in the case of non-durable
goods the act of consumption destroys the good. Ordinary consumer
expenditure relates to non-durable consumption, i.e., consumption of
goods which are quickly used in consumption. These are the ‘flow’ items
since a flow of them is being continuously consumed. On the other hand,
durable consumption, which relates to the purchase of capital assets, is
an act of investment. These are ‘stock’ items.

According to Friedman, permanent consumption (Cp) is a function of:

Rate of interest,
Rates of consumer’s income from property and his personal effort, i.e.,
human and non-human wealth, and
Consumer’s preference for immediate consumption multiplied by permanent
income (Yp).

The permanent income theory really emphasises the important role of
capital assets or wealth in determining the size of consumption. It
shows how both income and consumption are closely linked with the
consumer’s wealth. It is capital and wealth, which affects the level of
consumption rather than consumer’s income.

Life Cycle Hypothesis: According to Life Cycle Hypothesis, the
consumption function is affected more by consumer’s whole life income
rather than his current income. This view has been put forward by
Modigliani, Brumberg and Ando. The permanent income hypothesis focuses
attention on the income of the consumer earned in recent past as well as
expected future earnings (and wealth). But the life cycle hypothesis
states the consumption function depends upon consumer’s whole life
income. In childhood, the consumer earns nothing but spends all the same
(his parents spend on him); in the middle age, when he comes to have a
family, he earns and spends. But he will be earning more than he spends.
He tries to save enough to maintain himself in his old age when he will
not be able to earn or earn much. Over his life span, the consumer tries
to maintain a certain uniform standard and with that end in view he
organises whole life’s uneven income flows of cash receipts. In other
words, he will arrange his income and expenditure in such a manner as to
maintain a certain standard of living which he desires.

The ‘Life Cycle Hypothesis’ seems to be quite realistic and plausible.
It may be noted, however, that this hypothesis emphasises income as
derived from wealth more than cash receipts. It also draws our attention
to the fact that the consumers have to make a choice between immediate
consumption and accumulating of assets for future use.

O                           X
Income

Consumption

Y

L

P

M

45o

Figure 2 – Saving-income curve

Y

N

Time

Y’

Y

Figure 1 – Income consumption relationship

Savings

O                           X
Income
C’

C

C,Y

Real Consumption and Disposable Income

Figure 3 – Proportional Relationship between Income and Consumption
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