Random Critical Analysis @rcafdm.bsky.social · 17/12/2024This is an empirical question whose answer depends entirely on the unit of analysis. At the national level, it's a luxury good with an elasticity substantially greater than one. papers.ssrn.com/sol3/papers.... 010
Random Critical Analysis @rcafdm.bsky.social · 17/12/2024No, that's not true. The x-axis is *adjusted* household disposable income, meaning it reflects the value of social transfers in-kind, especially health and education. 110
