One of the innovations developed by Friedman is the idea that consumption is based not only on income but also on an individual's wealth.

Name: One of the innovations developed by Friedman is the idea that consumption is based not only on income but also on an individual's wealth.
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This is true. Friedman's theory of permanent income includes the idea that an individual's consumption is based on both their current income and their wealth, which reflects their permanent income over time.

One of the Innovations Developed by Friedman Is the Idea