Briefly on “Giffen Goods”
Posted in Price System on Mar 20th, 2013
Perhaps more elusive than the (__insert favorite analogy here___), is the mythical Giffen good in economics. A Giffen good is simply one that elicits backward behavior on the part of actors. When the good gets more expensive, consumers respond by increasing their purchases of that good. These are very rare phenomenon, if they exist at all. The […]
