My article "ON INFLATION" divides social demand and consumption into four grades. Through the four-grade division of demand and consumption, the development of social economy can be given a further explanation.
Consumption and demand can be divided into four grades. The first grade is necessary consumption of clothing, food, housing and transportation. The second grade is ordinary consumption, which means buying some more clothes and purchasing TV sets and washers, etc. The third grade is extravagant consumption, which means going to hotel and restaurants, taking cars and going to dancing-halls, etc. The fourth grade is over-extravagant consumption.
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-- Sincerely, Ju-chang He
SHENZHEN, P.R. CHINA E-mail address: <chang at public.shenzhen.cngb.com> Welcome to visit My Home Page at <http://www.geocities.com/WallStreet/Exchange/3058/> (Disable your Java and Java script)