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:
“I knew the poor,
I knew the hideous death they die,
when famine lays its bleak hand on the door;
I knew the rich,
sated with merriment,
who yet are sad.”
—Hilda Doolittle (1886–1961)
“They call them the haunted shores, these stretches of Devonshire and Cornwall and Ireland which rear up against the westward ocean. Mists gather here, and sea fog, and eerie stories. That’s not because there are more ghosts here than in other places, mind you. It’s just that people who live hereabouts are strangely aware of them.”
—Dodie Smith, and Lewis Allen. Roderick Fitzgerald (Ray Milland)