Called the middle class, the middle income population is actually the group that is shrinking when it moves up or down the income ladder.
Nothing but grass, lawns began as conspicuous consumption from the English and French aristocracy and now are a middle class manicured status symbol.
Purchasing less expensive luxury goods like Prada and Louis Vuitton, China’s growing middle class displays Thorstein Veblen’s conspicuous consumption.
Our everyday economic stories involve participation rates, human capital, signaling, ROI, money, price, austerity, personal income, monopoly and bubbles.
While everyone refers to the middle class and most of us say we are in the middle class, few know the characteristics of the group to which they refer.
Seeing economists Emmanuel Saez and Thomas Piketty’s favorite graph of the year at Ezra Klein’s Wonkblog, I thought of Benoit Mandelbrot. The father of fractal geometry, Dr. Mandelbrot told us that the closer you look, the more you see. From a…