In order to comprehend the ontological construction below, please refer to the respective posts for all notions in italic.
A commodity attracting the lowest amount of income is known as inferior good. It is appealing and repelling in its cheapness: as the income rises as less is bought of the inferior good. By the means of inferior commodity, a lot of products are in supply as they are plentiful and, subsequently, cheap goods. The income can be accumulated extensively alongside them: thriftiness and prudence are stimulated when only a part of all income is enough to buy the supply of goods. The cheap commodity extends the size of income by the requirements of parsimony, yet the ever grater income makes it a despised good, because the excessive income is not demanding it. Thus, the inferior good is both cheap and detested in opposition to the luxury good.
Historical Backdrop
• ERNST ENGEL The Cost of Living for Belgian Working Families Earlier and Now: inferior good.
• FRIEDRICH WIESER Natural Value: goods with inferior quality.
• ALFRED MARSHALL Principles of Economics: Giffen good.
• JOHN HICKS Value and Capital: inferior good.
