what is the definition of an inferior good
Inferior good In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand rises when consumer income decreases),[1] unlike normal goods, for which the opposite is observed.[2] Normal goods are those for which demand rises as consumer income rises. [3] This would be the opposite of a superior good, one that is often associated with wealth and the wealthy, whereas an inferior good is associated with lower socio-economic groups.
Outliers (book) While writing the book, Gladwell noted that "the biggest misconception about success is that we do it solely on our smarts, ambition, hustle and hard work."[4] In Outliers, he hopes to show that there are a lot more variables involved in an individual's success than society cares to admit,[4] and he wants people to "move away from the notion that everything that happens to a person is up to that person".[2] Gladwell noted that, although there was little that could be done with regard to a person's fate, society can still impact the "man"-affected part of an individual's success.[2] When asked what message he wanted people to take away after reading Outliers, Gladwell responded, "What we do as a community, as a society, for each other, matters as much as what we do for ourselves. It sounds a little trite, but there's a powerful amount of truth in that, I think."[2]