Comments on: What I would like economics majors to know https://curriculumconference2013.weaconferences.net/papers/what-i-would-like-economics-majors-to-know/ 3rd May – 14th June 2013 Mon, 09 Jun 2025 11:51:52 +0000 hourly 1 By: David Hemenway https://curriculumconference2013.weaconferences.net/papers/what-i-would-like-economics-majors-to-know/#comment-22 Mon, 13 May 2013 19:28:29 +0000 http://curriculumconference2013.worldeconomicsassociation.org/?p=127#comment-22 Using the income elasticity demand as the defining criteria, cigarettes would probably be considered a necessity rather than a luxury. But I suspect for most products or services, whether luxuries or necessities, some of these 5 concepts would be important to remember. For example, clothes. Clearly what one wears is determined largely by what others are wearing (e.g., whatever the broad fashion is. Few today wear what was fashionable in 1913). Tastes are malleable (e.g., what width of tie looks good). Most people know little about many aspects of their clothing (e.g. who actually made it, how flammable, cancerous is it), etc.

]]> By: Haiyun Zhao https://curriculumconference2013.weaconferences.net/papers/what-i-would-like-economics-majors-to-know/#comment-21 Thu, 09 May 2013 20:10:28 +0000 http://curriculumconference2013.worldeconomicsassociation.org/?p=127#comment-21 Cigarette is a special luxury product, and a very good example. However, how about the implications of a necessary product to the arguments presented in your paper?

Haiyun Zhao

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