This is another look at the idea I put forth here, that - contra the standard economic idea that consumption depends on wealth - I believe that consumption depends on income. It's worth stressing that ...

Greg Mankiw recently pointed to an NBER research paper “Fifty Years of Growth in American Consumption, Income, and Wages,” by Bruce Sacerdote, with some really interesting results and findings that ...

This paper empirically investigates the relationship between cereal consumption and real income using pooled cross-section and time series data for a number of countries. It finds that the per capita ...