Fashion is often criticized for being frivolous, but a recent study from New York University found that fashion can play an important role in the economy.
The study used the example of Michelle Obama, who has recently become a fashion icon, with blogs like Mrs. O following her ever choice.
The study found that not only does the first lady’s clothing choices increase sales of items she wore, but also increases their stock prices. David Yermack, professor of finance and business at New York University's Leonard N. Stern School of Business, performed a year-long analysis of the economic impact of Obama's apparel selections (Oliver & Yeo, 2010).



