The economists concluded that, just as theory predicts, most people's consumption varies as permanent income changes, but barely responds to temporary shocks.

这几位经济学家的结论是，就像理论预测的那样，大多数人的消费随着永久收入的改变而改变，对短期的冲击却很少调整。

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Then, tracing to its source, explains the economics theoretical foundation of the consumer credit, that is, time-favor theory, life-cycle hypothesis and permanent-income theory.

而后追根溯源，阐释了消费信贷的经济学理论基础，即时间偏好理论、生命周期假说和持久性收入假说。

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Attribute some of the dissatisfaction to what economist Milton Friedman dubbed "Permanent Income Theory, " which assumes that people measure where they are relative to where they expected to be a few years ago.

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Friedman also gave us Permanent Income Theory, which holds that consumer spending choices are determined more by people's long-term expectations than by their current income levels, a kind of precursor to modern consumer confidence measurements.

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