Truth be told people drastically overestimate the impact of changes in income on their well-being.

说实话，人们大大高估了它们的福祉的收入变动的影响。

youdao

Income elasticity measures the responsiveness of changes in quantity demanded to changes in income.

收进弹性办法在收进的改变需求数目改变的响应能力。

youdao

Only poor people, who are less able to borrow, saw their consumption much affected by temporary changes in income.

只有穷人（他们借款的能力较弱）的消费受短期的收入变化的影响很大。

youdao

In fact, it's lower than the correlation of income changes, which is surprising.

事实上，比收入变化相关性还低，这很奇怪。

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If they did not, changes in income distribution would have been much more uniform across countries.

ECONOMIST: History: As you were | The

The key conclusion of this theory is that transitory, short-term changes in income have little effect on consumer spending behavior.

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