Income elasticity and economic development. Methods and applications. (Q2574138)

The book is mainly concerned with the methods of estimating income elasticity and is connected with the economic development, which can be achieved by reducing income inequality. Based on the Australian household expenditure survey data, the book provides a good example in showing how to calculate income elasticity from widely available grouped data using a number of different methods. Some of the techniques presented can be used in a wide range of policy areas in all developed, developing and underdeveloped countries. The book is well addressed to policy analysts, economists, business analysts and market researchers that may find it very useful. The book consists of 13 chapters. Chapter 1 provides an introduction and literature review on the subject matter, and an outline of the structure and content of the rest of the book. Chapter 2 provides some basic observations on the Australian household expenditure survey data that will be used as the basis for the calculations of the following chapters. Chapters 3 to 7 present and discuss different methods for the estimation of income elasticity, as well as their application. Chapter 8 is concerned with the estimation of increased consumer demand for various household consumption items with respect to changes in income and income inequality. Demands for specific items such as food, transport and communication, and alcohol are presented in chapters 9, 10, and 11, respectively. Chapter 12 deals with a review of consumers' equivalence scales, which are important for an accurate estimation of income elasticity. Finally, chapter 13 provides some concluding remarks about the studies presented in the book.