Show Less

Studies on Balkan and Near Eastern Social Sciences

Edited By Rasim Yilmaz and Günther Löschnigg

This volume is a collection of empirical and theoretical research papers in the social sciences regarding the Balkans and the Near East written by researchers from several different universities and institutions. The studies include a wide range of topics from economic, financial, political, agricultural, sociological, international relations to historical, cultural, and feminist issues in the region of the Balkan and Near East. The book is aimed at educators, researchers, and students interested in the Balkan and Near Eastern countries.

Prices

Show Summary Details
Restricted access

Giffen Good or Giffen Behavior (Egemen Ipek)

Extract

Egemen Ipek1 Giffen Good or Giffen Behavior “A mad man drops a rock into water well, so that thousand wise men can not take it out.”  (Turkish proverb) Introduction Giffen good generally defined in almost every economics textbooks as a good for which demand increases as the price increases and presented as an exception to the law of demand has still remained a mystery even though there have been ongo- ing scholarly debates for more than a century. The issue about Giffen good is an exception to the law of demand because of its having an upward sloping demand curve. It is a special case of law of demand which sets the general framework of these debates. The statement that giffen good is an exception of the classical law of demand theory was first stated in the third edition Principles of Economics textbook, published in 1895 by Marshall: “… 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 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 ex pensive farinaceous foods: and, bread being still the cheapest food which they can get and will take, they consume more, and not less of it. But such cases are rare; when they are met with they must be treated separately” (p. 208). Stigler (1947), based on his own deep literature review...

You are not authenticated to view the full text of this chapter or article.

This site requires a subscription or purchase to access the full text of books or journals.

Do you have any questions? Contact us.

Or login to access all content.