Date of this Version
Cornhusker Economics, October 6, 2021
Teaching large classes in the Ag Econ department has some unique benefits. One of them is that I have a pulse on the attitudes of a large cross-section of producers. One concern that has been gradually gaining momentum is the threat that plant protein poses against traditional animal protein, namely beef.
Trends in protein demand do not support this specific fear. In general, consumers’ appetite for animal protein continues to grow. This article explains the concept of income elasticity, along with the changing income elasticities of specific meats.