Sir Robert Giffen Meets Russia in Early 1990s
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.
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| Length: | 25 pages |
| Date of creation: | 01 Jul 2011 |
| Handle: | RePEc:pen:papers:11-020 |
| Contact details of provider: | Postal: 3718 Locust Walk, Philadelphia, PA 19104 Phone: 215-898-9992 Fax: 215-573-2378 Web page: http://economics.sas.upenn.edu/pier Email: More information through EDIRC
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References listed on IDEAS
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- Rod Garratt, 2005.
"A tale of two cities and a Giffen good,"
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- Garratt, Rod, 2003. "A Tale of Two Cities and a Giffen Good," University of California at Santa Barbara, Economics Working Paper Series qt93z368z7, Department of Economics, UC Santa Barbara.
- Davies, John E, 1994. "Giffen Goods, the Survival Imperative, and the Irish Potato Culture," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 547-565, June.
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- Sherwin Rosen, 1999. "Potato Paradoxes," Journal of Political Economy, University of Chicago Press, vol. 107(S6), pages 294-313, December.
- Sherwin Rosen, 1997. "Potato Paradoxes," University of Chicago - George G. Stigler Center for Study of Economy and State 135, Chicago - Center for Study of Economy and State.
- Di Vita, Giuseppe, 2001. "Are the outputs derived from secondary materials giffen goods?," Resources Policy, Elsevier, vol. 27(4), pages 255-260, December.
- Peter Sørensen, 2007. "Simple Utility Functions with Giffen Demand," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 31(2), pages 367-370, May.
- Peter Norman Sørensen, 2004. "Simple Utility Functions with Giffen Demand," Discussion Papers 04-22, University of Copenhagen. Department of Economics.
- David Mckenzie, 2002. "Are tortillas a Giffen Good in Mexico?," Economics Bulletin, AccessEcon, vol. 15(1), pages 1-7.
- Robert T. Jensen & Nolan H. Miller, 2008. "Giffen Behavior and Subsistence Consumption," American Economic Review, American Economic Association, vol. 98(4), pages 1553-1577, September.
- repec:ebl:ecbull:v:15:y:2002:i:1:p:1-7 is not listed on IDEAS
- Liebhafsky, H H, 1969. "New Thoughts About Inferior Goods," American Economic Review, American Economic Association, vol. 59(5), pages 931-934, December.
- Steindl, Frank G, 1973. "Money and Bonds as Giffen Goods," The Manchester School of Economic & Social Studies, University of Manchester, vol. 41(4), pages 418-424, December.
- George J. Stigler, 1947. "Notes on the History of the Giffen Paradox," Journal of Political Economy, University of Chicago Press, vol. 55, pages 152-152.
- Moffatt, Peter G., 2002. "Is Giffen behaviour compatible with the axioms of consumer theory?," Journal of Mathematical Economics, Elsevier, vol. 37(4), pages 259-267, July.
- Dougan, William R, 1982. "Giffen Goods and the Law of Demand," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 809-815, August.
- Koenker, Roger, 1977. "Was Bread Giffen? The Demand for Food in England Circa 1790," The Review of Economics and Statistics, MIT Press, vol. 59(2), pages 225-229, May.
- H. Leibenstein, 1950. "Bandwagon, Snob, and Veblen Effects in the Theory of Consumers' Demand," The Quarterly Journal of Economics, Oxford University Press, vol. 64(2), pages 183-207. Full references (including those not matched with items on IDEAS)
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