Giffen good

English Etymology en Scottish economist Robert Giffen = 1837 1910, who was attributed as the author of this idea by Alfred Marshall in his book Principles of Economics.As Mr.Giffen has pointed out, a rise in the price of bread makes so large a drain on the resources of the poorer labouring families and raises so much the marginal utility of money to them, that they are forced to curtail their consumption of meat and the more expensive farinaceous foods: and, bread being still the cheapest food which they can get and will take, they consume more, and not less of it. Alfred Marshall Alfred Marshall Principles of Economics (Marshall book) Principles of Economics 1895 Noun en economics A type of inferior good for which the quantity demanded increases when its price rises, and decreases when its price falls, thus violating the usual law of demand. en 2008 Libby Rittenberg Principles of Microeconomics Flat World Knowledge 9780982043035 182 https://books.google.com/books?id=m1hlV358i3AC&pg=PA182&dq=%22Giffen+good%22&hl=&cd=5&source=gbs_api#v=onepage&q=%22Giffen%20good%22&f=false To qualify as a Giffen good, a good must be inferior and must have an income effect strong enough to overcome the substitution effect. The example often cited of a possible Giffen good is the potato during the Irish famine of 1845–1849. weekend w:Tim Harford 2025-05-03 Paying more for less Life & Arts 21 Economists no longer believe that potatoes were Giffen goods during the great famine, so the quest for the “exceptional case” has continued. Last year the economist Garth Heutel published evidence that theme park rides could be Giffen goods. Translations a good with positive price elasticity of demand Russian: ru това́р Ги́ффена m See also en potato paradox Veblen good References