M. I. Meat Suppliers

For reasons I myself cannot comprehend, I recently decided to take the University Grants Commission’s (UGC) NET exam, a cockeyed morally offensive mind-numbing scandal of a paper that deserves to be thrown out.

But on the plus side, it gave me the occasion to revise some of the basic concepts in economics that had been parroted out to us in our undergrad years.

One such is what is known as Engel’s Law, which states that as incomes rise, the share of expenditure on “necessities” like food declines.

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