An Agrarian Take on US Economic Malaise
Understanding the current era of US economic malaise lies, at least in part, with the most basic of American enterprises - the production and marketing of food. A historical, even defining feature of economic growth has been a decline in the share of expenditures that consumers devote to food and food services (hereafter food). However, since 2002 for the US, Engel's Law, so named for the economist who first observed it, has not held. Real inflation adjusted Gross Domestic Product (GDP) has increased by 27%, but the share of consumer expenditures spent on food has flat-lined at 11.8%. [node:read-more:link]