In the first of two guest posts on Budding Sociologist, Jeff Lundy discusses consumption patterns of young people. In particular, he looks at the faulty math of older folks when trying to argue that they were less spoiled when they were the same age. According to Lundy, the culprits are:
- older folks underestimating inflation
- not factoring in substitution
- diffusion
- increasing standards
Tags: consumption, economics, life course, social change, sociology
