2 de Julio de 2010

The grater the elasticity of demand, the greater the variations to which the consumption of a commodity will be subject during the trade cycle. When income is rising during the boom, the increase in purchasing power affects first and foremost those goods of which one consumes little when times are bad and much when times are good. The consumption of bread is therefore more constant in general than the consumption of gramophone records. That is why boom periods are often the times when certain articles, hitherto confined to a few persons as being articles of luxury, find their way to the masses.

Wilhelm Röpke, Crisis & Cycles, 1936, p. 26-27