what is the Keynes psychological law of consumption ?????
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Keyness Psylogical law of consumption:Further keyness put a psychological law of consumption
according to which as income increases consumption increases but not buy as much as the increase in income. In other words marginal propensity to consume is less than one
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Keynes's Psychological Law of Consumption: Further, Keynes put forward a psychological law of consumption, according to which, as income increases consumption increases but not by as much as the increase in income. In other words, marginal propensity to consume is less than one.
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