The increase in spending at any one time due to the wealth effect would be expected to be small, given a life-cycle saver's tendency to spread consumption of a significant change in wealth over time.
The wealth effect has significant overall effects.
mnli hypothesis: The wealth effect has significant overall effects. premise: The increase in spending at any one time due to the wealth effect would be expected to be small, given a life-cycle saver's tendency to spread consumption of a significant change in wealth over time.