The Giffen good is a strange beast from economic theory. For most goods, demand decreases as price increases. A Giffen good defies this normal market behavior — the demand for it increases even as its price increases.
Giffen goods have a very interesting history. They were postulated originally by Alfred Marshall in his 1895 book The Principles of Economics. The classic example is staple foods such as rice, wheat, and potatoes. As their price goes up, poor people on a tight budget actually consume more of them, because they are forced to cut back on luxuries such as meat, but still need the same number of calories to survive. Until recently, Giffen goods remained a theoretical beast, with no real documented examples — until 2007, when two Harvard economists demonstrated that rice and noodles behave as Giffen goods in certain poor parts of China.
Google’s recent results raise the possibility that search advertising might be a Giffen good. Here’s a simple model. Company X spends marketing dollars on two channels: search advertising and brand advertising (on the web or on TV and magazines). Search advertising drives customers directly to their site, resulting in immediate sales. Brand advertising drives organic traffic, albeit in a more unmeasurable way.
Brian Ulrich, Gurnee, IL, 2005.
This week’s Modern Art Notes Podcast features Brian Ulrich, whose work examines American consumerism. Ulrich’s photographs are the subject of “Brian Ulrich: Copia — Retail, Thrift and Dark Stores, 2001-2011,” a solo exhibition on view now at the Cleveland Museum of Art. Aperture just published his new book, “Is This Place Great or What,” which features works from the “Copia” series. You can see more of Ulrich’s work and read his blog on Not If But When. [This week’s MANPodcast.com banner features a detail from Cleveland, OH (2003).]
To download or subscribe to The Modern Art Notes Podcast via iTunes, click here. To download the program directly, click here. To subscribe to The MAN Podcast’s RSS feed, click here. To see images of the artworks discussed during this week’s show, click here.
ATTENTION ILLUSTRATORS AND ANIMATORS!
Now we some more! :oD
Here’s what we need:
- Founding Fathers / Mothers — Thomas Jefferson, Betsy Ross, George Washington, James Madison
- Mobs of Protestor
***Make sure to provide animators with move-able body parts and mouth options. Like this!
- Wall Street scene / Background — maybe include some recognizable Wall Street landmarks like the Bull, or the NYSE building.
- Illustrations of Police behaving badly — cop littering, selling drugs, beating a homeless person, assaulting a peaceable protester with pepper spray at close range, exposing himself to an old lady..
- Illustrations of technology: iPhones, computers, cameras, etc.
- The lyrics of the chorus with a bouncing ball — sing-a-long style. :)
OK, I think this is all for now — this is gonna be awesome! :oD
Contribute to the collaboration HERE