Engel’s law states that as income rises, the share of income spent on food declines, a pattern that increasingly applies to manufactured goods in high-income economies.

Authors

• Person: Not available Organization: Federal Reserve Bank of Dallas
  U.S. tariff outcomes dependent on trading partner responses

Sources

• U.S. tariff outcomes dependent on trading partner responses www.dallasfed.org Federal Reserve Bank of Dallas via serper

Referenced by nodes (2)

• income concept
• high-income countries concept