Sir Robert Giffen Meets Russia in Early 1990s

25 Pages Posted: 11 Jul 2011

See all articles by Yochanan Shachmurove

Yochanan Shachmurove

City University of New York, CUNY City College of New York - Department of Economics; The University of Pennsylvania - Department of Economics

Janusz M. Szyrmer

CASE - Center for Social and Economic Research

Date Written: July 11, 2011

Abstract

This paper analyzes the theoretical foundations of Giffen goods and details the difficulty with which prior studies have encountered limited empirical proof of Giffenity. Subsequently, a discussion of the economic overview of Russia during the early 1990s is provided. The paper then applies Giffenity to the newly established free market system of post-Soviet Union Russia while acknowledging changes in the prices for goods, specifically, for inferior food commodities. The paper concludes by advocating for the need to incorporate Giffenity into current economic theory to make it more comprehensive.

Keywords: Giffen goods, inferior goods, subsistence, Russia, household consumption, post-soviet transition

JEL Classification: D1, E2

Suggested Citation

Shachmurove, Yochanan and Szyrmer, Janusz M., Sir Robert Giffen Meets Russia in Early 1990s (July 11, 2011). PIER Working Paper No. 11-020, Available at SSRN: https://ssrn.com/abstract=1883530 or http://dx.doi.org/10.2139/ssrn.1883530

Yochanan Shachmurove (Contact Author)

City University of New York, CUNY City College of New York - Department of Economics ( email )

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