Veblen good
Luxury good for which the demand increases as the price increases
Nº Q1074135 ★★★
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Veblen good
Luxury good for which the demand increases as the price increases
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 named after American economist Thorstein Veblen who described the contradiction.
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From Wikipedia
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 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 and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
Text: Wikipédia, CC BY-SA 4.0. · Image: Brett Weinstein (Wikipedia User: Nrbelex) (CC BY-SA 2.5) ·
