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The Economics Book by DK

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RG

IN CONTEXT

FOCUS

Decision making

KEY THINKER

Robert Giffen (1837–1910)

BEFORE

1871 Austrian economist Carl Menger demonstrates how the demand for commodities is determined by their marginal utility.

AFTER

1909 British economist Francis Edgeworth doubts the existence of Giffen goods in Free Trade in Being.

1947 US economist George Stigler dismisses Marshall’s examples of Giffen goods in Notes on the History of the Giffen Paradox.

2007 US academics Robert Jensen and Nolan Miller revive the argument in Giffen Behavior: Theory and Evidence, which reports the existence of a Giffen good in poor, urban areas of China.

In 1895, British economist Alfred Marshall ...

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