Giffen good en · NOUN
Etymology
Named after Scottish economist Robert Giffen (1837–1910), who was attributed as the author of this idea by Alfred Marshall in his book Principles of Economics.
Meanings
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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.
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.
2008, Libby Rittenberg, Principles of Microeconomics, Flat World Knowledge, →ISBN, page 182: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.
2025 May 3, Tim Harford, “Paying more for less”, in FT Weekend (Life & Arts section), London: The Financial Times Ltd., →ISSN, →OCLC, page 21:
Forms
| Spelling | Features | Labels | Source |
|---|---|---|---|
| Giffen goods | Number=Plur | lexicographic |
Relateds
Translations (1)
ru това́р Ги́ффена (a good with positive price elasticity of demand)