Is Economics a Science? Giffen’s Paradox Shouts “No!”

Education, Humor
[caption id="attachment_16247" align="alignright" width="440"] A pair-o-ducks, get it? Paradox?[/caption] Giffen's Paradox? Economics is the study of the production, consumption, and transfer of wealth. Some view economics almost like a religion—certainly as if it was a science complete with laws and principles, predicting behavior and outcome. We are told the value of an object relates to the law of supply and demand. If three people want an object and there are only two available, it should command a higher price than if there were only two people and three were available. [caption id="attachment_16546" align="alignleft" width="270"] Namesake Sir Robt. Giffen.[/caption] Giffen's Paradox But now, say you have a new hand-held device. Sales are not the best, even though you offer a low, get-acquainted price. What do you do as a businessman to…
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