Question

Subjective and objective factors of psycological consumption function

Answer 1

According to Keynes, two types of factors influence the consumption function: subjective and objective. The subjective factors are endogenous or internal to the economic system itself. The subjective factors relate to psychological characteristics of human nature, social structure, social institutions and social practices.

Answer 2

Factors Affecting Consumption Functions: Subjective and Objective Factor! According to Keynes, two types of factors influence the consumption function: subjective and objective. ... The subjective factors relate topsychological characteristics of human nature, social structure, social institutions and social practices.