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Income elasticity and international income differences

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  • Liao, Junmin
  • Wang, Wei

Abstract

The constant relative income elasticity generated by non-homothetic CES preferences is consistent with cross-country empirical evidence. We show that non-homothetic CES preferences fit empirical patterns better than Stone–Geary preferences in a standard framework in the international income differences literature.

Suggested Citation

  • Liao, Junmin & Wang, Wei, 2018. "Income elasticity and international income differences," Economics Letters, Elsevier, vol. 169(C), pages 68-71.
    • Handle: RePEc:eee:ecolet:v:169:y:2018:i:c:p:68-71
    DOI: 10.1016/j.econlet.2018.05.019
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    Cited by:

    1. Liao, Junmin & Wang, Wei, 2019. "Intermediate inputs and cross-country productivity differences," Economics Letters, Elsevier, vol. 176(C), pages 64-67.

    More about this item

    Keywords

    Income elasticity; Income differences; Non-homothetic CES; Stone–Geary CES; Agriculture;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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