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In Vino Veritas January 6, 2009

Posted by Brian L. Belen in Academically Speaking, Odds and Ends.

From an economic perspective, normal goods are those that we consume more of as our income increases and less of when incomes decline. For all intents and purposes, wine is probably a normal good — more precisely, a luxury good — despite the notion that people tend to drink more when times are bad (to drown out their sorrows and all that).

So why not use wine as an indicator of how the economy is doing? That’s exactly what Catherine Rampell has written about over at Economix. Obviously, I get a kick out of such off-the-beaten-path economic analysis, hence the write-up here. Really, economics can and should be this fun and interesting all the time, alcohol or no.

[Wine as an Economic Indicator (via Economix)]



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