Re: [A-List] Global Economy

["bon moun" <sherrynstan@xxxxxxx>]

I am actually trying to study this piece.  For those of us uninitiated in
the lexicon of economics, a glossary would be helpful.  I want to turn this
kind of material into something accessible for people with an eighth grade
reading level.  Here's a point I was confused on early.  "A Giffen good
must be an inferior good, but most inferior goods are not Giffen goods."  I
get the logic... A dolphin is a whale, but most whales are not dolphins.
But if an inferior good is one that one buys less of when one's income
rises, and a Giffen good is one for which prices increases with greater
consumption... you see where I am disconnecting?

Henry, can you explain this as you would to a child?

The lead sentence in the second paragraph is a great quote, BTW.

Thanks, all.

Stan


"...more and more of our imports are coming from overseas."

           -George W. Bush