Engel’s law of food also applies to manufactured products
We all know Engel’s law – that as income rises, the proportion of income spent on food falls, even if actual expenditure on food rises. [Wiki].
It is my hypothesis that Engel’s law also applies to manufactures. As a society gets wealthier it spends a smaller proportion of its income on manufactures.
So what constitutes the rest? I.e. what grows?
Services.
And indeed, of these, it is personal services (luxury) that keep increasing as societies get wealthier over time.
The diagram below (very crudely) illustrates this point.
Source: http://www.sabhlokcity.com/2014/05/engels-law-of-food-also-applies-to-manufactured-products/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).