1. Not So Dull? Simon Gray and Giffen Behaviour
- Author
-
Michael V. White
- Subjects
060106 history of social sciences ,media_common.quotation_subject ,05 social sciences ,Biography ,06 humanities and the arts ,Politics ,Teleology ,0502 economics and business ,Happiness ,Economics ,0601 history and archaeology ,Giffen good ,050207 economics ,Positive economics ,Speculation ,Gray (horse) ,Food market ,media_common - Abstract
It has been argued that The Happiness of States by Simon Gray contains a precursor analysis of a Giffen good. That reading, however, produces a misleading account of the significance of Gray’s text within a teleological history of Giffen behaviour. After providing some new information for Gray’s biography, this article shows that he was one of the few nineteenth-century British political economists who argued that speculators did not necessarily play a beneficial role in food markets. It is also shown how Gray’s text has been read to install him as a pioneer of the twentieth-century Giffen good.
- Published
- 2018
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