Saturday, June 9, 2007
Engel's Law in Pictures
Everybody knows that the income elasticity of the demand for food is lower than one (except if do your grocery shopping here). There is nothing exciting in that empirical law. This book , however, is really cool: it shows the actual diet of 30 families around the world. It is amazing that the diet of families from average income countries look more appealing than the one from poor or rich countries. I guess that Colombians and Egyptians have the resources and the time necessary prepare yummy food.