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Engel’s law states that the relative importance of food falls as the consumer becomes more affluent, or the food income elasticity is less than unity, making the commodity a necessity. This chapter provides further details of this law and analyses the implication for food prices. Greater affluence leads to a fall in the relative importance of necessities and a rise in luxuries, so the composition of the budget is of higher quality. This leads to the luxury-necessity approach to measuring quality; this approach and alternatives are discussed.

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Food Demand II: Further Results and Details

  • 章节

  • 发表日期：

    2025年

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  • Kenneth W. Clements,
  • Haiyan Liu,
  • Marc Jim M. Mariano,
  • Eliyathamby A. Selvanathan,
  • Saroja Selvanathan,
  • George Verikios

摘要

Engel’s law states that the relative importance of food falls as the consumer becomes more affluent, or the food income elasticity is less than unity, making the commodity a necessity. This chapter provides further details of this law and analyses the implication for food prices. Greater affluence leads to a fall in the relative importance of necessities and a rise in luxuries, so the composition of the budget is of higher quality. This leads to the luxury-necessity approach to measuring quality; this approach and alternatives are discussed.