Sir Robert Giffen Meets Russia in Early 1990s

Yochanan Shachmurove and Janusz Szyrmer ()
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Janusz Szyrmer: CASE-Ukraine, Kiev

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

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 (search for similar items in EconPapers)
JEL-codes: D1 E2 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2011-07-01
New Economics Papers: this item is included in nep-tra
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Persistent link: https://EconPapers.repec.org/RePEc:pen:papers:11-020

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