First introduced by Alfred Marshall in his Principles of Economics with the example of increasing bread prices, for ten points, identify this eponymous type of good for which a rise in its price increases rather than decreases demand.
In 1997, Sherwin Rosen refuted the idea that the Irish potato famine represented the classical example of this economic phenomenon, while a 2002 paper by Jensen and Miller at the Kennedy School of Government proposes that rice fulfills this function in south China. In order to fulfill this role, the product in question must represent a large percentage of the buyer's income and be sufficiently inferior to overcome the income and substitution effect. First introduced by Alfred Marshall in his Principles of Economics with the example of increasing bread prices, for ten points, identify this eponymous type of good for which a rise in its price increases rather than decreases demand.
In 1997, Sherwin Rosen refuted the idea that the Irish potato famine represented the classical example of this economic phenomenon, while a 2002 paper by Jensen and Miller at the Kennedy School of Government proposes that rice fulfills this function in south China.
{Giffen} good