4 ms·
> It seems to me that Giffen goods are a theoretical thing that has never been actually shown in real world In practical terms (that may not fill the theoretic
by beefield 10y ago
> It seems to me that Giffen goods are a theoretical thing that has never been actually shown in real world
In practical terms (that may not fill the theoretical definition of the giffen good), spare time in certain circumstances is quite obviously a Giffen good. Once your income increases (which means the opportunity cost of your spare time increases), you are willing to work less, i.e. consume more spare time. Of course, this is not a universal rule, but I think it is obvious that for _many_ people this is the case. If it was _not_ the case, there was no way people in sweatshops work longer hours than western middle class.