Changes

A Giffen Good is a [[good]] for which [[demand]] increases when its price rises.  [[Alfred Marshall]] wrote: “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 [British spelling] 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.”

A Giffen Good is a [[good]] for which [[demand]] increases when its price rises.  [[Alfred Marshall]] wrote: “As Mr. Giffen has pointed out, a rise in the price of bread makes so large a drain on the resources of the poorer [laboring] 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.”

[[Category:Economics]]

[[Category:Economics]]