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Is consumption more or less volatile than income? What theory explains this fact?

Is consumption more or less volatile than income? What theory explains this fact?

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Consumption is less volatile than income and according to Milton friedman permanent income hypothesis theory of estimates that people will actually spend more dollars equal to that of the long-term average income where the consumption patterns remain less volatile for this reason but income might change with the coming time where there can be hike ro no hike etc and therefore permanent income hypothesis explains the scenario

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