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Title:

The Giffen good — a praxeological approach

Creator:

Wysocki, Igor ; Block, Walter E.

ORCID:

0000-0002-4926-4010 ; 0000-0003-2215-4791

Subject and Keywords:

Giffen good ; demand curve ; praxeology

Description:

Od 2013 pt.: Ekonomia - Wroclaw Economic Review

Abstract:

In the present paper, we argue that the shape of any respectable demand curve must be monotonic(non-increasing). By doing so, we follow the footsteps of Murray Rothbard, who regarded the demand curve as derived from the law of diminishing marginal utility. However, our caveat is thatthe horizontal axis must represent the units of the same economic good. Equipped with the notionof the same economic good, we also argue that Giffen or Veblen goods do not pose any real problemfor analysis. Rather, they behave as any other good — that is the demand curve for them is also (andnecessarily) downward sloping

Place of publishing:

Wrocław

Publisher:

Wydawnictwo Uniwersytetu Wrocławskiego

Date issued:

2018

Identifier:

doi:10.19195/2084-4093.24.2.1

Language:

eng

Relation:

Acta Universitatis Wratislaviensis, ISSN 0239-6661 ; no 3858. Ekonomia, ISSN 2084-4093 ; 24/2, s. 9-22

Is version of:

Czasopisma Naukowe w Sieci (CNS)

Rights holder:

© Copyright by Wydawnictwo Uniwersytetu Wrocławskiego Sp. z o.o., Wrocław 2018

Autor opisu:

WR U/PAdjm