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One of the most challenging and exciting fields of inquiry being followed by economists today is that of economic forecasting. It is being realized with increasing force that for forecasting consumer expenditure for gaining insight into what determines consumer demand, or for testing hypotheses regarding consumer demand, aggregate consumption functions derived from time-series data are not sufficient.
Using a method both novel and powerful, Vernon Lippitt combines cross-section and time-series data in analyzing consumer behavior in a way that seems capable of extension to other categories of consumer expenditure, to savings, and to specific items of equipment. Useful in itself because expenditures for durable goods play a strategic role in business fluctuations, the book is perhaps even more important for its real contribution to the art of economic forecasting.