1. We hope that the work of Lansing, Kish, Morgan and others could expand into this area to test their findings about the significance of family life cycle as an independent variable. See, for instance, James E. Morgan, and others, Five Thousand American Families—Patterns of Economic Progress (Survey Research Center, Institute for Social Research, Ann Arbor: University of Michigan, 1974). John B. Lansing and Leslie Kish, "Family Life Cycle as an Independent Variable," American Sociological Review 22 (5) (October 1957), pp. 512-519. Keizo Nagatani, "Life Cycle Savings: Theory and Fact," American Economic Review 62 (3) (June 1972), pp. 344-353. Robert Ferber, "Consumer Economics, a Survey," Journal of Economic Literature 11 (4) (December 1973), pp. 1306-1309; 1333-1342.

2. Milton Friedman, Theory of the Consumption Function (Princeton: National Bureau of Economic Research, 1957).

3. See also, Milton Friedman, "Windfalls, the `Horizon,' and Related Concepts in the Permanent-Income Hypothesis," in Carl F. Christ et al., Measurement in Economics; Studies in Mathematical Economics and Econometrics in Memory of Yehuda Grunfeld (Stanford, Calif.: Stanford University Press, 1963), pp. 3-28; F. Modigliani, "The Life Cycle Hypothesis of Saving, the Demand for Wealth and the Supply of Capital," Social Research (Summer 1966), pp. 160-217; Julian L. Simon and Carl B. Barnes, "The Middle-Class U.S. Consumption Function: A Hypothetical Question Study of Expected Consumption Behaviour," Oxford Institute of Economics and Statistics Bulletin (February 1971), pp. 73-80; Lester Thurow, "The Optimum Lifetime Distribution of Consumption Expenditures," American Economic Review (June 1969), pp. 324-330; Jacob Mincer, "The Distribution of Labor Incomes: A Survey with Special Reference to the Human Capital Approach," Journal of Economic Literature (December 1973), pp. 1306-1342 and 3138; and Prem S. Laumas and Khan A. Mohabbat, "The Permanent Income Hypothesis: Evidence from Time-Series Data," American Economic Review (September 1972), pp. 730-734.