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  • Escaping Satiation Dynamics: Some Evidence from British Household Data

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    Author(s)
    Chai, Andreas
    Moneta, Alessio
    Griffith University Author(s)
    Chai, Andreas
    Year published
    2014
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    Abstract
    The tendency of sectoral demand to satiate has long been argued to be a key driver of the structural change in an economy (Pasinetti 1981; Saviotti 2001). This literature raises the question as to what extent cross-sectional patterns of household expenditure can be used to make inferences about how the demand for goods and services will grow over time. Moreover, if indeed satiation does take place, then firms and entrepreneurs could react to this situation by innovating goods and services in order to overcome stagnation in demand growth (Witt 2001). We empirically investigate this 'satiation-escape' hypothesis by examining ...
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    The tendency of sectoral demand to satiate has long been argued to be a key driver of the structural change in an economy (Pasinetti 1981; Saviotti 2001). This literature raises the question as to what extent cross-sectional patterns of household expenditure can be used to make inferences about how the demand for goods and services will grow over time. Moreover, if indeed satiation does take place, then firms and entrepreneurs could react to this situation by innovating goods and services in order to overcome stagnation in demand growth (Witt 2001). We empirically investigate this 'satiation-escape' hypothesis by examining the inter-temporal dynamics of Engel curves and their derivatives, which reflect how household spending on a good changes with income. Taking into account changes in the price level, we investigate whether Engel curves that exhibit cross-section satiation tend to exhibit over time an upwards shift in the satiation level jointly with a shift in position and shape. Evidence suggests that this is actually the case.
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    Journal Title
    Jahrbücher für Nationalökonomie und Statistik
    Volume
    234
    Issue
    2+3
    Publisher URI
    http://www.jbnst.de/en/content.php?id=23402
    Copyright Statement
    © 2014 Lucius und Lucius Verlagsgesellschaft mbH. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Subject
    Economics not elsewhere classified
    Economics
    Publication URI
    http://hdl.handle.net/10072/65109
    Collection
    • Journal articles

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