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:
“He will deliver you from six troubles; in seven no harm shall touch you. In famine he will redeem you from death, and in war from the power of the sword. You shall be hidden from the scourge of the tongue, and shall not fear destruction when it comes. At destruction and famine you shall laugh, and shall not fear the wild animals of the earth. For you shall be in league with the stones of the field, and the wild animals shall be at peace with you.”
—Bible: Hebrew, Job 5:19-23.
“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)