English Explanatory Dictionary

Giffen good

English dictionary entry

Meanings

noun
  1. 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.

Word forms

Giffen good Giffen goods

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.

Related words

potato paradox Veblen good
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