Giffen Goods

Backward-bending demand curve diagram showing the Giffen goods exception to the law of demand, with the normal downward-sloping segment in teal and the upward-sloping Giffen segment in red where higher prices correspond to higher quantity demanded.

Microeconomics

Giffen Goods: When Demand Curves Slope Upward

Giffen goods are inferior staples whose demand rises with price because the income effect overwhelms substitution. Jensen and Miller's 2008...

May 19, 2026