Economist Franco Modigliani's lifecycle theory of savings proposes that in order to maximize lifetime satisfaction,consumers:

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According to the lifecycle theory of savings, consumers should practice consumption smoothing by borrowing and saving. This means that consumers should save during their earning years and borrow during their retirement years in order to maintain a constant level of consumption throughout their lifetime. This strategy can help maximize lifetime satisfaction by ensuring that consumers are able to maintain a consistent level of consumption even when their income fluctuates over time.

Economist Franco Modigliani's Lifecycle Theory of Savings Proposes That in Order