Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun A
good which people consume more of as only the price rises; Having a positive price elasticity of demand.
Etymologies
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named after Scottish economist Sir Robert Giffen, who was attributed as the author of this idea by Alfred Marshall in his book Principles of Economics.
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Examples
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deinonychus commented on the word Giffen good
In economics and consumer theory, a Giffen good is one which people paradoxically consume more of as the price rises, violating the law of demand. (Wikipedia)
February 10, 2012