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Title: giffen goods
Description: important information about giffen goods that are very helpful for students
Description: important information about giffen goods that are very helpful for students
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In economics and consumer theory, a Giffen good is a product that people consume more of as
the price rises—violating the law of demand
...
But a Giffen
good is so strongly an inferior good (being more in demand at lower income) that this contrary
income effect more than offsets the substitution effect, and the net effect of the good's price rise
is to increase demand for it
...
Giffen goods are named after Scottish
economist Sir Robert Giffen, to whomAlfred Marshall attributed this idea in his book Principles of
Economics
...
It has been suggested by Etsusuke Masuda and Peter Newman that Simon Gray described
"Gray goods" in his 1815 text entitled The Happiness of States: Or An Inquiry Concerning
Population, The Modes of Subsisting and Employing It, and the Effects of All on Human
Happiness
Title: giffen goods
Description: important information about giffen goods that are very helpful for students
Description: important information about giffen goods that are very helpful for students