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Breakfastnomics

I’m eating a late breakfast of French toast and thinking about the giant loaf of bread on the cutting board and Giffen goods.  These are items whose demand rises when its cost increases in contradiction to what you’d typically expect with products we consume.

Bread has been used as an example of a Giffen good but the water mellon-sized loaf of bread I bought cost about 1/10th of a minimum wage worker’s hourly pay so I think bread prices in this area would really need to skyrocket before it would behave like one.

One notable thing is that it’s such an inexpensive item that it can become a substitute good for a lot of foods that aren’t remotely bread-like.  It has been the cause of weight gain at a couple points in my life.  It definitely wasn’t gluttony…I’m somewhat sure it wasn’t gluttony…How about this:  I’m of the opinion that it wasn’t gluttony.

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