Word Pronunciation & Dictionary

giffen good

Word Rarity Very rare

Frequency: Zipf frequency 1.88 in modern English

Syllables: gif-f-en -good
IPA

19

Scrabble Score

10

Letters

4

Syllables

7

Unique Chars

Meaning

noun

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.

Example Sentences

"To qualify as a Giffen good, a good must be inferior and must have an income effect strong enough to overcome the substitution effect. The example often cited of a possible Giffen good is the potato during the Irish famine of 1845–1849."
"Economists no longer believe that potatoes were Giffen goods during the great famine, so the quest for the “exceptional case” has continued. […] Last year the economist Garth Heutel published evidence that theme park rides could be 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.

Inflected Forms

Giffen goods (plural)

Phrases

potato paradox Veblen good

Frequently Paired Words

potato paradox Veblen good

Questions

What does giffen good mean?: 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.
Where does giffen good come from?: 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.

How to pronounce giffen good

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