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, ...

An inferior good is one whose demand drops when people's incomes rise. When incomes are low or the economy contracts, inferior goods become a more affordable substitute for more expensive goods.

A Giffen good is a product for which demand increases as the price rises, but for reasons tied to necessity rather than prestige. Typically associated with lower-income consumers, Giffen goods are ...

Good-quality watches are widely available for less than $100, but to qualify as a Veblen good, a watch would probably carry a four-, five-, or six-digit price tag. Veblen Goods vs. Giffen Goods ...