Sir Robert Giffen Meets Russia in Early 1990s
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
July 11, 2011
PIER Working Paper No. 11-020
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.
Number of Pages in PDF File: 25
Keywords: Giffen goods, inferior goods, subsistence, Russia, household consumption, post-soviet transition
JEL Classification: D1, E2
Date posted: July 11, 2011
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