Comment on The Mincome Experiment of 1974-79parentComments−bduerst11yEngel's law (the food example) doesn't really impact it that much because the income elasticity of food is between 0 and 1. By your logic nothing has an income elasticity of demand greater than 1 because of competing with food.
Comments
Engel's law (the food example) doesn't really impact it that much because the income elasticity of food is between 0 and 1. By your logic nothing has an income elasticity of demand greater than 1 because of competing with food.