{"id":2710,"date":"2003-03-27T23:21:26","date_gmt":"2003-03-27T17:51:26","guid":{"rendered":"http:\/\/alpha.ravikiran.com\/blog\/2003\/03\/27\/your-economics-lesson-for-today\/"},"modified":"2003-03-27T23:21:26","modified_gmt":"2003-03-27T17:51:26","slug":"your-economics-lesson-for-today","status":"publish","type":"post","link":"https:\/\/www.ravikiran.com\/blog\/vintage\/200303\/your-economics-lesson-for-today\/","title":{"rendered":"Your economics lesson for today"},"content":{"rendered":"<p>Is <a href=\"http:\/\/sathishr.blogspot.com\/2003_03_01_adcritic_archive.html#89988910\">Dalda<\/a> an <a href=\"http:\/\/economics.about.com\/library\/glossary\/bldef-inferiorgood.htm\">inferior good<\/a>?<br \/><b>Definition<\/b>: A good that has the property that when a person&#8217;s income rises the demand for this good falls  (because people start affording superior substitutes).   <\/p>\n<p>This is distinct from a <a href=\"http:\/\/economics.about.com\/library\/glossary\/bldef-giffengood.htm\">Giffen Good<br \/><\/a><br \/><b>Definition<\/b>: A Giffen Good is a good that exeriences increased demand for when the price rises and decreased demand for when the price falls. <br \/>Usually happens with snob-value items.<\/p>\n<p>I&#8217;m allowed to show off my knowledge once in a while. Am I not?<br \/><b>Oops<\/b> Looks like I&#8217;ve ended up showing the depths of my ignorance. It seems Giffen goods are a <a href = \"http:\/\/www.cr1.dircon.co.uk\/TB\/1\/giffen.htm\">special case<\/a> of Inferior goods. Not what I said above. The link also gives examples that Swami wants. Also there is lots of controversy over whether these beasts actually exist.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is Dalda an inferior good?Definition: A good that has the property that when a person&#8217;s income rises the demand for this good falls (because people start affording superior substitutes). This is distinct from a Giffen GoodDefinition: A Giffen Good is a good that exeriences increased demand for when the price rises and decreased demand for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts\/2710"}],"collection":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/comments?post=2710"}],"version-history":[{"count":0,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts\/2710\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/media?parent=2710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/categories?post=2710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/tags?post=2710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}