Franco Modigliani (1918–2003)
1936 John Maynard Keynes publishes The General Theory of Employment, Interest and Money, proposing a simple mathematical function to describe consumption.
1938 Keynesian economist Alvin Hansen predicts long-term stagnation in the US economy.
1978 US economist Robert Hall estimates a function to describe US consumption, potentially confirming a version of Friedman’s theory.
1982 US economists Robert Hall and Frederick Mishkin propose that households follow a “rule of thumb” when planning their consumption.
In 1936, John Maynard Keynes’s The General Theory of Employment, ...