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What (who) is Giffen paradox - definition
![wake]],<br>
•5: post-critical separated flow, with a turbulent boundary layer.](https://commons.wikimedia.org/wiki/Special:FilePath/Drag coefficient on a sphere vs. Reynolds number - main trends.svg?width=200 "wake]],<br>
•5: post-critical separated flow, with a turbulent boundary layer.")
![Pressure distribution for the flow around a circular cylinder. The dashed blue line is the pressure distribution according to [[potential flow]] theory, resulting in d'Alembert's paradox. The solid blue line is the mean pressure distribution as found in experiments at high [[Reynolds number]]s. The pressure is the radial distance from the cylinder surface; a positive pressure (overpressure) is inside the cylinder, towards the centre, while a negative pressure (underpressure) is drawn outside the cylinder.](https://commons.wikimedia.org/wiki/Special:FilePath/Flow pressure with friction.svg?width=200 "Pressure distribution for the flow around a circular cylinder. The dashed blue line is the pressure distribution according to [[potential flow]] theory, resulting in d'Alembert's paradox. The solid blue line is the mean pressure distribution as found in experiments at high [[Reynolds number]]s. The pressure is the radial distance from the cylinder surface; a positive pressure (overpressure) is inside the cylinder, towards the centre, while a negative pressure (underpressure) is drawn outside the cylinder.")
![circular]] cylinder in a uniform onflow.](https://commons.wikimedia.org/wiki/Special:FilePath/Potential cylinder.svg?width=200 "circular]] cylinder in a uniform onflow.")
Wikipedia
In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics. For any other sort of good, as the price of the good rises, the substitution effect makes consumers purchase less of it, and more of substitute goods; for most goods, the income effect (due to the effective decline in available income due to more being spent on existing units of this good) reinforces this decline in demand for the good. But a Giffen good is so strongly an inferior good in the minds of consumers (being more in demand at lower incomes) that this contrary income effect more than offsets the substitution effect, and the net effect of the good's price rise is to increase demand for it. This phenomenon is known as the Giffen paradox. A Giffen good is considered to be the opposite of an ordinary good.
