The Giffen Paradox
Some things sell more as the price goes up, and the people buying them are behaving perfectly sensibly.
1895 (Marshall's third edition); 2008 (first credible field evidence)18 min read
English neoclassical economics
Alfred Marshall
1842 – 1924
Professor of political economy at Cambridge and the dominant figure in English-language economics for a generation. His Principles of Economics (1890) introduced supply-and-demand diagrams, price elasticity, consumer surplus and the short-run/long-run distinction, and remained the standard textbook for decades. The third edition of 1895 added the passage attributing upward-sloping demand for bread to Robert Giffen.