Because people can borrow when they are young, the life cycle theory would suggest that one's standard of living depends on

Name: Because people can borrow when they are young, the life cycle theory would suggest that one's standard of living depends on
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The life cycle theory suggests that people can borrow when they are young and repay later in life when their income is higher. Therefore, one's standard of living is dependent on their lifetime income rather than their annual income.

Because People Can Borrow When They Are Young, the Life