Conspicuous consumption
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In sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical
The sociologist and economist Thorstein Veblen coined the term "conspicuous consumption", and was a pioneer of the institutional economics movement.
In the 19th century, the philosopher John Stuart Mill recommended taxing the practice of conspicuous consumption.
Veblen good
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A Veblen good is a type of luxury good for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. They are name
Conspicuous consumption
…Surplus economics Veblen good Thorstein Veblen (1899). Theory of the Leisure Class at Project Gutenberg…
Veblen goods such as luxury cars are considered desirable consumer products for conspicuous consumption because of, rather than despite, their high prices.
The stainless steel Rolex Daytona frequently sells for over its list price.