Household Demand, Structural Change and Secular Stagnation
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|Date:||28 November 2017|
|Venue:||Moot Court, TD120 Hawthorn Campus|
As households get rich, they diversify their spending and expand the range of goods and services they consume. Using entropy measures to examine sub-national spending data from over 70 developing countries, we examine the key characteristics of the process through which new goods enter the consumption basket.
We examine evidence that the composition of spending tends to shift from food to manufactured goods and then to services in a hierarchical fashion as commonly assumed in models of demand driven structural change. We also consider the implication for innovations policy and how rising income inequality accentuates differences in the diversification rate across the population.
About the speaker
Dr Andreas Chai is Senior Lecturer in Economics and the Director of the Economic Policy and Analysis Program at Griffith University Australia. Andreas has previously worked at the Productivity Commission (Melbourne) and the Commonwealth Treasury (Canberra). Andreas is an applied microeconomist with expertise in evolutionary consumer theory. He has published in the Journal of Economic Perspectives and the Cambridge Journal of Economics.
Contact Information: Mitchell Adams
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