Hunan rice is a Giffen good? And maybe wheat flour in Gansu?
I am shocked to see this paper (Mark Thoma comments). Future world powers should not have Giffen goods, much less two of them.
Addendum: David Leonhardt reports on a different kind of upward-sloping demand curve.
It’s Gansu, not Hansu.
Boycott China Over Hunan Rice!
http://www.nytimes.com/2007/07/11/education/11economics.html?_r=1&oref=slogin
Off-topic: what about Patricia Cohen’s article?
I could imagine rice and flour being Giffen goods in China about a thousand years ago or so when China was a world power, at least as much as any country was.
From the linked Wikipedia article…
bruce, if you really think it works like that, hire a rich person to pay a high price for your first
painting and pay him back with revenues from subsequent paintings (which would be very high). I don’t think
it will work.
I sympathize of course. The art community *is* inscrutable and prone to manias and self-congratulation.
There’s no rhyme or reason to it, and it can’t be rooked like you’ve described.
A better suggestion might be to hire three respected art critics to view the first painting with an
“untainted” forth. Have your cohorts pretend to praise the work, tricking the fourth. Then add another
untainted critic to the group, removing “convinced” ones as desired. Would that make your work suddenly
valuable? I wonder…
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