Giffen goods

Named after the Scottish economist R. Giffen who was the first to observe a paradoxical purchasing habit – while for most products demand decreases when their price increase, the so called Giffen goods make an exception - when price goes up, demand also grows. Intrinsically, Giffen goods are a kind of Inferior goods and should not be mistaken with products bought as status symbols.

see also: Inferior goods, Superior goods, Normal goods