Question

"Keynes' consumption function is a major landmark in the history of economic literature ". Comment.​

Answer 1

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Answer 2

"Keynes' consumption function is a major landmark in the history of economic literature ".

Answer:

• John Maynard Keynes was an English economist who contributed to various macroeconomic theories and economic government policies.
• Consumption function is the functional relationship between consumer spending and the factors determining it such as disposable income (the income remaining with the consumers after meeting the tax imposed by the government), Autonomous income (consumption that occurs even when there is zero disposable income) and Marginal Propensity to Consume (proportion of income that is meant for consumption)
• Keynes's theory says that if households' consumption of goods and services decreases, the demand for such goods and services decreases resulting in a fall in production.
• Keynes was the first economist to study demand-side economics.
• Hence Keynes' consumption function marked a major change in the economic literature.

       

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