Two things follow. First it shows that Willetts does not undertsand the demand for education – which is a classic Giffin good because of this perverse incentive to buy it, whatever the price.
You mean Giffen Good.
And even then you\’ve got it wrong.
You\’re intimating that demand for education is fixed, whatever the price. A Giffen Good is when the demand for the product rises when price rises. Education isn\’t one of these: although, oddly, wheat noodles in North China do seem to be.