Hypothesis of relative income

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The hypothesis of relative income is the theory of consumption proposed in 1949 by the economist James S. Duesenberry in Income, Saving and the Theory of Consumer Behavior. According to it, the size of individual consumption expenditure does not depend on their income but on the standard of living in the environment in which they live. According to the theory of relative income hypothesis, a person tries to live and spend the amount of money equal to that of the average representative of the community in which he lives. Additional literature

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