tag:blogger.com,1999:blog-1850379426161011153.post8786505575608271387..comments2023-10-24T15:18:37.944+02:00Comments on Ionian Enchantment: Odd EconomistAnony Mousehttp://www.blogger.com/profile/08077107616686254136noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1850379426161011153.post-37461631936027410862008-03-01T16:18:00.000+02:002008-03-01T16:18:00.000+02:00I got the apostrophe wrong above (I'll quickly poi...I got the apostrophe wrong above (I'll quickly point out before anyone else does). It's still a nice story...<BR/>-JohnAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1850379426161011153.post-78056368525509179622008-03-01T16:17:00.000+02:002008-03-01T16:17:00.000+02:00Yeah, the potato is the textbook example of a Giff...Yeah, the potato is the textbook example of a Giffen good. I've heard it's somewhat controversial whether it counts as one, but I hadn't heard the Samuelson story. Pretty amusing.Anony Mousehttps://www.blogger.com/profile/08077107616686254136noreply@blogger.comtag:blogger.com,1999:blog-1850379426161011153.post-85088458035367743652008-03-01T16:14:00.000+02:002008-03-01T16:14:00.000+02:00There's a nice story, which I haven't checked, abo...There's a nice story, which I haven't checked, about Samuelson using the potato as an example of a Giffen good (and so an inferior good, in the economic sense) in his famous textbook. Apparently some potato grower's association (in Maine maybe) commissioned a study which found that this wasn't the case and so they sent a letter to Samuelson asking him to find a new example for later editions. (I know the story from a Hal Varian comment on Brad DeLong's blog after some articles refering to potatos. I'm not going to bother to locate the link.) <BR/>-JohnAnonymousnoreply@blogger.com