Economists refer to the regular pattern of income variation over a person's lifetime as the

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Economists refer to the regular pattern of income variation over a person's lifetime as the life cycle effect. This reflects the fact that individuals typically earn lower incomes earlier in life, as they begin their careers, and then experience increasing income as they gain experience and expertise in their professions. As they approach retirement age, income generally begins to decline once again.

Economists Refer to the Regular Pattern of Income Variation Over