Veblen and Giffen Goods: Definition and Examples

Consumer behavior and market demand are key elements of Veblen and Giffen goods Paradox. It is often a matter of psychology rather than microeconomics why a product/service demand increases as its price rises.

Full article: https://www.consizos.com/strategy/veb...

Chapters:
00:00 Introduction
00:39 How can we properly define Veblen and Giffen goods?
01:35 Why do Veblen and Giffen goods contradict the law of demand?
01:58 Difference between Giffen goods and Inferior goods
02:47 Conclusions

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Bibliography/Sources:
BOWLES, S., & GINTIS, H. (2013). A cooperative species: Human reciprocity and its evolution. Princeton University Press: New Jersey.
GIFFEN, R. (1892). Inferior Goods and the Law of Demand. The Economic Journal, Vol. 2, No. 5, pp. 20-26.
KRUGMAN, P. R., & WELLS, R. (2015). Microeconomics (4th ed.). Worth Publishers: New York.
SAMUELSON, P. A., & NORDHAUS, W. D. (2010). Economics (19th ed.). McGraw-Hill Education: New York.
VARIAN, H. R. (2014). Intermediate Microeconomics: A Modern Approach. W. W. Norton & Company: New York.
VEBLEN, T. (1899). The Theory of the Leisure Class. Macmillan Publishers: New York.

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