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Giffen Good Definition: History With Examples

A Giffen good is a low income, non-luxury product that defies standard economic and consumer demand theory. Demand for Giffen goods rises when the price rises and falls when the price falls. The term "Giffen goods" was named after Sir Robert Giffen, a 19th-century economist. Giffen goods are a rarity in economics because supply and demand for these goods are opposite of standard conventions. Giffen goods can be the result of multiple market variables including supply, demand, price, income, and substitution. Both Giffen and Veblen goods are nonordinary goods that defy standard supply and demand conventions. With both Giffen and Veblen goods, a product’s demand curve is upward sloping. 3ba9