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Sir Robert Giffen Meets Russia in Early 1990s

Author

Listed:
  • Yochanan Shachmurove

    () (Department of Economics, University of Pennsyslvania and The City College of The City University of New York)

  • Janusz Szyrmer

    () (CASE-Ukraine, Kiev)

Abstract

This 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.

Suggested Citation

  • Yochanan Shachmurove & Janusz Szyrmer, 2011. "Sir Robert Giffen Meets Russia in Early 1990s," PIER Working Paper Archive 11-020, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    • Handle: RePEc:pen:papers:11-020
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Giffen goods; inferior goods; subsistence; Russia; household consumption; post-soviet transition;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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