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Consumer Expenditure

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Abstract

Consumers’ expenditure is a central concern of economics, both in microeconomic terms (the relationship between prices, expenditure and welfare) and in macroeconomic terms (the relationship between expenditure and income). This article examines the interplay between theory and evidence in the study of consumers’ expenditure and its composition. Although models have been developed from the theory of consumption that illuminate much of the available data, many standard presumptions of economics lack substantial bodies of evidence such as central theories in the natural sciences enjoy.

This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume

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    Angus Deaton

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    Deaton, A. (2008). Consumer Expenditure. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_349-2

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      Consumer Expenditure
      Published:
      04 April 2017

      DOI: https://doi.org/10.1057/978-1-349-95121-5_349-2

    2. Original

      Consumer’s Expenditure
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      31 October 2016

      DOI: https://doi.org/10.1057/978-1-349-95121-5_349-1

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