Giffen Goods were first observed by Giffen, defined and named by Marshall, and further explored by the Consumer Behavior Theory. This paper studies Giffen Goods and establishes the Giffen Goods Theory, which is a set of consistent theories of micro economics, middle economics and macro-economics...

This paper studies potato prices and consumption in the progress of economic development. Potato status tends to evolve from a luxury to a normal and, lastly, to an inferior good. In the developed world, where the potato thrived and became a food for the poor, prices of the inferior potato...

A criterion is provided for prevention to be a Giffen good. Under decreasing absolute risk aversion, prevention can only be Giffen if the loss probability is below an endogenous threshold value. For iso-elastic utility, this is possible but not empirically plausible

It is well known in the economic literature that the labor supply curve can bend backwards and, therefore, that leisure can be a Giffen good. It is also known that leisure can be a normal good. This article proves that if leisure is a Giffen good, it has to be a normal good. This result also...