Economic Glossary | Giffen Goods | Bankers Algo
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Economic Glossary

    Giffen Goods

A rare type of good seldom seen in the real world, in which a change in price causes quantity demanded to change in the same direction (in violation of the law of demand). In other words, an increase in the price of a Giffen good results in an increase in the quantity demanded. The existence of a Giffen good requires the existence of special circumstances. First, the good must be an inferior good. Second, the income effect triggered by a change in price must overwhelm the substitution effect. A Giffen good is most likely to result when the good is a significant share of the consumer's budget.

Named after Robert Giffen (1837-1910), a good for which demand increases as its price rises. But such goods may not exist in the real world.


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Endeavour(v)

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to exert oneself to do or affect something; make an effort; strive

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Antonyms: idleness, laziness

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