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February 01, 2017

Veblen good

"In economics, Veblen goods are types of material commodities for which the demand is proportional to its high price, which is an apparent contradiction of the law of demand; Veblen goods also are commodities that function as positional goods. Veblen goods are types of luxury goods, such as expensive wines, jewelry, fashion-designer handbags, and luxury cars, which are in demand because of the high prices asked for them. The high price makes the goods desirable as status symbols, by way of conspicuous consumption and conspicuous leisure; conversely, a decrease of the prices of Veblen goods would decrease demand for the products."

Posted by Ghost of a flea at February 1, 2017 10:44 AM