The term "Giffen good" was coined in the late 1800s, named after noted Scottish economist, statistician, and journalist Sir Robert Giffen. The concept of Giffen goods focuses on low-income, non ...

Makes sense, right? A Giffen good — named for 19th-century Scottish economist Sir Robert Giffen — is an odd thing. It's something that people buy more of as the price goes up.

Most times, Veblen goods are an example of what economists call“positional” goods. These are goods that are valued according to how they are distributed among people, and who exactly has them.

A Walmart store in Miami, Florida (Photo by Joe Raedle/Getty Images) One of the standard pieces of Econ 101 that we try manfully to get across to people is that if you raise the price of something ...

As Bitcoin streaks toward $6,000, I continue to think about what will drive it higher. In the near term, it struck me that Bitcoin is behaving as a Giffen good. Giffen goods are defined as "those ...

Two economists have hunted down a real-world example of one of economics' rarest theoretical creatures - a Giffen good. A Giffen good defies normal market behavior -- when the pri ...

Most times, Veblen goods are an example of what economists call “positional” goods. These are goods that are valued according to how they are distributed among people, and who exactly has them.

Luxury goods that see increased demand with higher prices are called Veblen goods, named for American economist Thorstein Veblen, who described the phenomenon. A Page One article on Monday about ...

I don't think that Giffen goods are so rare - in the long run. Most luxury brands work that way, and although in the short run they are normal goods, i.e. demand goes up when the price goes down ...

In the extreme, the Giffen behaviour itself cannot be sustained: things are truly desperate, people consume nothing but potatoes, and so if the price of potatoes continues to rise, they starve.

Veblen goods are luxury items that connote status in society, such as cars, yachts, fine wines, celebrity-endorsed perfumes, and designer jewelry. Giffen goods are essential goods, such as rice ...