In its long-run aspect, the central analytical proposition of the structure is the denial that the long-run equilibrium position of a free enterprise economy is necessarily at full employment; there may be, it is asserted, no monetary equilibrium at all, unless some deus ex machina such as rigid nominal wage rates is introduced to produce one;and the "real" equilibrium may be at a less than full employment position. Acceptance of the permanent income hypothesis in its most general form does not render these propositions invalid, for they do not depend on the proposition that savings is an increasing ratio of income as income rises and could be valid even if savings were a constant ratio. What does render these analytical propositions invalid is acceptance of the special feature of the hypothesis that w, the ratio of wealth to income, is a significant variable affecting k, the ratio of permanent consumption to permanent income, and that an increase in w tends to raise k.
Friedman (1957:237-8) A Theory of The Consumption Function
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