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What Are Giffen Goods? Definition, Real-Life Examples, and Economic Insights
In economics, most goods follow a simple principle: when prices go up, people buy less; when prices fall, they buy more. Giffen goods, however, defy this rule. Named after the 19th-century Scottish economist Sir Robert Giffen, these goods behave in a way that seems counterintuitive—demand actually increases when their prices rise. They are usually everyday…