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

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The life cycle theory suggests that one's standard of living depends on lifetime income rather than annual income. This is because individuals borrow when they are young and then pay back the debt over their lifetime. Therefore, their consumption and standard of living will depend on their overall lifetime income, rather than their annual income in any given year.

Given That People Can Borrow When They Are Young,what Would