Welcome to the forty-first episode of the Minutes Mastery series by Triumph through Training Pvt. Ltd. (3T)! In this episode, Rajan Arora delves into the fascinating and counterintuitive concept of Giffen Goods, an anomaly in economics where demand for a product increases even when its price rises.

Rajan begins by explaining the basics of Giffen goods, a concept identified by Sir Robert Giffen, a 19th-century Scottish economist. While most goods follow the law of demand—where higher prices lead to lower consumption—Giffen goods defy this rule. For example, when the price of basic staples like bread or rice increases, people with limited incomes buy more of these items because they can no longer afford more expensive alternatives like meat or paneer.

Using the example of wheat and bread, Rajan illustrates how Giffen goods come into play when people are forced to buy inferior goods with no substitutes, especially during times of financial constraint. This makes Giffen goods rare but important in understanding the complexities of consumer behavior.

We acknowledge Sir Robert Giffen for his contributions to this unusual but insightful concept in economics.

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