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
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.
Thorstein Veblen
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Thorstein Bunde Veblen was an American economist and sociologist who, during his lifetime, emerged as a well-known critic of capitalism. In his best-known book, The Theory of the Leisure Class, Veblen
Veblen good
…price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. They are named after American economist Thorstein Veblen who described the contradiction. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption…
Veblen 3a
The Thorstein Veblen Farmstead in 2014