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" ... One of his most outstanding contributions is to connect microanalysis at the household and individual level with the macro; a feature cited by the Nobel Committee in his prize award. He created a set of sophisticated demand equations to understand household consumption in terms of incomes, prices, and demographics. The equations offer new insights on how households allocate their income on different consumption needs, and by implications their ability to save under varying circumstances. In so doing, he was able to amend and upgrade previous works by Milton Friedman and Franco Modigliani, two Nobel Laureates no less, on consumption and income. His new insights further connect micro behavior and public policy, linking individual consumption decisions with overall economic growth. ... "