Engel's law

noun

En·​gel's law

ˈeŋ(g)əlz-

: a generalization in economics: such as family income increases, the percentage spent for food decreases, that spent for clothing, rent, heat, and light remains the same, while that spent for education, health, and recreation increases

Word History

Etymology

after Ernst Engel †1896 German statistician and economist

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