what sort of goods belong to luxury?
For many young chinese, tradition is back in vogue. Chinas' sizzling economic growth in recent years has given consumers a boost (a sudden lift)in purchasing power. The pride that comes with Chinas' emergence as a big player in the global economy has created a hunger for things that represent their roots.
what sort of goods belong to luxury? Many people do think an Iphone 4gs is included.I don't agree with it.The things that you can afford through hardworking,in my opinon , are not luxuries.The goods that of luxury are which you are destined to buy but without purchasing power as a nomal worker.it may be a just usual stone which you can see everywhere,or a painting ,or an abandoned bycicle.They are the most expensive goods in the world,cause some guys creat them according to the doctrine of capital.The
doctrine of capital creat demands that do not belong human beings.No matter how hard you work ,you can never pay them up.
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Few examples are:
Old style luxuries: Hot water, potatoes, pepper, ventilation, privacy, hygiene.
Modern luxuries: Expensive cars and homes, personal jewelry, celebrity status, gadgets,bikes.
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Luxury Good:
A luxury good means an increase in income causes a bigger % increase in demand. It means that the YED is greater than one. For example, high Definition TV’s would be luxury. When income rises, people spend a higher % of their income on the luxury good.
In economics, a luxury good is a good whose demand increases more than proportionally as incomes increase, in contrast to a "necessity good", for which demand is not elastic. Luxuries on the other hand are said to have an income elasticity of demand is greater than one. This implies that demand increases more than proportionately to a change in income. Luxuries are goods or services that can be foregone during periods of below average income and falling consumer confidence. When incomes are rising strongly and consumers have the confidence spend more, the demand for luxury goods will also grow. During a recession, it is the demand for luxury goods that first decreases. Examples of luxury goods include fine wine, designer clothes, antique furniture, international air travel, Benz cars etc. Several manufactured products achieve the rank of "luxury goods" owing to their design, quality, durability or performance that are extraordinarily superior to the comparable substitutes. Many luxury goods are also termed as “positional goods”. These are goods or services where the consumer derives satisfaction (and utility) not just from consuming the good or service itself, but also from being seen to be a consumer by others. They play a role of class symbols as they tend to show the purchasing power of those who acquire them. Hence these goods are purchased with the main purpose of displaying wealth or income of their owners. Luxury goods are said to have high income elasticity of demand because as people become wealthier, they will buy more and more of the luxury good. This also means, however, that should there be a decline in income, its demand will fall. A luxury good may become a normal good or even an inferio
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资本的原则。这个是哲学用语，不知道我英语翻译的对不对，如果是中文就是资本的原则
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what is the doctrine of capital? 不太了解你的想法
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