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Line 66:
Line 66: − Rice and noodles are now described as Giffen goods among the poor in China. Do you believe it?+ +
Economics Lecture Four (view source)
Revision as of 13:20, September 19, 2009
, 13:20, September 19, 2009→For Honors Students Only: Giffen Goods
Other economists suggest that tortillas are a Giffen good in Mexico today. But further investigation shows that neither potatoes in Ireland nor tortillas in Mexico actually qualify as Giffen goods.<ref>"There is no way to buy more potatoes when there are fewer potatoes. Thus, the Giffen legend concerning the great potato famine appears at best to be a misinterpretation of some observed but misunderstood phenomenon, and at worst a kind of hoax."
Other economists suggest that tortillas are a Giffen good in Mexico today. But further investigation shows that neither potatoes in Ireland nor tortillas in Mexico actually qualify as Giffen goods.<ref>"There is no way to buy more potatoes when there are fewer potatoes. Thus, the Giffen legend concerning the great potato famine appears at best to be a misinterpretation of some observed but misunderstood phenomenon, and at worst a kind of hoax."
http://www.questia.com/googleScholar.qst;jsessionid=KJGB9YyNvyL1pjkp56C2BQfrF2GwvdyxRFYZXlDsgQN3p53LNPrG!766828861!343156199?docId=5000354671</ref>
http://www.questia.com/googleScholar.qst;jsessionid=KJGB9YyNvyL1pjkp56C2BQfrF2GwvdyxRFYZXlDsgQN3p53LNPrG!766828861!343156199?docId=5000354671</ref>
Rice and noodles are now described as Giffen goods among the poor in China. Do you believe it?
Giffen goods are exceptions to the Law of Demand ... if Giffen goods really exist! Many, including your teacher, are skeptical that there really is such a thing as a Giffen good.
Giffen goods are exceptions to the Law of Demand ... if Giffen goods really exist! Many, including your teacher, are skeptical that there really is such a thing as a Giffen good.