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Besides narrowly vocational courses, higher education is not an investment but a socially advantageous consumption good.
If education is viewed not simply as a consumption good but as investment good in relation to the labour market, it would appear appropriate to measure educational attainment in relative terms.
David Rosenberg, chief economist at Gluskin Sheff, a wealth management firm, said anyone buying a second home should think of it as a consumption good and not an investment.
Although not directly comparable, taken together these two data series raise the question of how many American families could afford this kind of health spending strictly with their own financial resources, if one took the extreme position that health care is a private consumption good for which American households themselves should be financially responsible.
Meanwhile, Strassel's claim that a more family-friendly tax code would benefit "only Americans fortunate enough to have a child" falls into the trap (common to analysts on the right and left alike) of treating children as a kind of consumption good, rather than as American citizens with interests of their own.
With probability ((1-p)) the technology returns (0) units of the consumption good.
Similar(32)
It seems that as production goods children are inferior, while as consumption goods they're normal.
The decreased demand for consumption goods threatens to cause deflation (or unemployment).
I'm not talking about spending money on consumption goods like bread and butter.
They reckon that the cost of investment goods, relative to consumption goods, has dropped 25% over the past 35 years.
If one uses budgetary costs to justify taxing particular consumption goods, the accounting needs to be honest and complete.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com