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accepts the principle advancing agreed alternative hypothesis approach argued argument assumption autocorrelation Autoregressive average behavioural pattern biased clear clearly coefficient Common Common's statement confusion correct cost D.J. Smyth defence demonstrate denote DISCUSSION PAPERS disposable dispute error estimates expected value EXPENDITURE FUNCTION RE-EXAMINED FINAL WORD form of equation further evidence geneity gives grow growth h test hence homo homogeneity identification problem ignore implementation implies incorrect independent labour income version McMahon and D.J. McMahon and Smyth minimisation models are distinct necessary non-human obtain P.C. McMahon parameter permanent income POST-WAR EXPENDITURE FUNCTION problem of identification procedure programme quarterly ratio form refer regression rejected relevant equations Replacing savings serial correlation Series significance specific Stanford Stone's model STONE'S POST-WAR EXPENDITURE substituting Suppose term transitory understand wealth model wealth variable WORD by P.C. writes written