Great Famine in Ireland
Potatoes during the Irish Great Famine were long believed to be the only example of a Giffen good. However, this theory was debunked by Gerald P. Dwyer and Cotton M. Lindsey in their 1984 article Robert Giffen and the Irish Potato, where they showed the contradicting nature of the Giffen "legend" with respect to historical evidence.
The Giffen nature of the Irish potato was also later discredited by Sherwin Rosen of the University of Chicago in his 1999 paper Potato Paradoxes. Rosen showed that the phenomenon could be explained by a normal demand model.
Read more about this topic: Giffen Good
Famous quotes containing the words famine and/or ireland:
“They can rule the world while they can persuade us
our pain belongs in some order.
Is death by famine worse than death by suicide,
than a life of famine and suicide ... ?”
—Adrienne Rich (b. 1929)
“It is often said that in Ireland there is an excess of genius unsustained by talent; but there is talent in the tongues.”
—V.S. (Victor Sawdon)