Sir Robert Giffen Meets Russia in Early 1990s
AbstractThis paper analyzes the theoretical foundations of Giffen goods and details the difficulty with which prior studies have encountered limited empirical proof of Giffenity. Subsequently, a discussion of the economic overview of Russia during the early 1990s is provided. The paper then applies Giffenity to the newly established free market system of post-Soviet Union Russia while acknowledging changes in the prices for goods, specifically, for inferior food commodities. The paper concludes by advocating for the need to incorporate Giffenity into current economic theory to make it more comprehensive.
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Bibliographic InfoPaper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 11-020.
Length: 25 pages
Date of creation: 01 Jul 2011
Date of revision:
Giffen goods; inferior goods; subsistence; Russia; household consumption; post-soviet transition;
Find related papers by JEL classification:
- D1 - Microeconomics - - Household Behavior
- E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
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