In reply to Harry Veeder's message of Mon, 28 May 2007 21:17:21 -0500: Hi, [snip] ><<Marshall wrote in the 1895 edition of Principles of Economics: >As Mr. Giffen has pointed out, a rise in the price of bread makes so large a >drain on the resources of the poorer labouring families and raises so much >the marginal utility of money to them, that they are forced to curtail their >consumption of meat and the more expensive farinaceous foods: and, bread >being still the cheapest food which they can get and will take, they consume >more, and not less of it.>> > > That may well be true, however I suspect that if the price of bread went up to that extent, then probably the price of everything else did as well.
Regards, Robin van Spaandonk The shrub is a plant.
