The Elusive Giffen Good, Once Again

The mysterious Giffen has once again risen from the ashes. In this iteration, it’s silver in the red-hot precious metals market. This so-called anomaly makes for a great story and interesting explanation, but it does not represent a genuine exception or a valid attack on the fundamental laws of economics. It is another example of the questionable scholarship of the Grand Wizard of Mainstream economics, Alfred Marshall.

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Farzin Rahimi Zonouz (born 1989) holds an M.A. from the University of Tehran and a Ph.D.