Veblen good  

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Train wreck at Montparnasse (October 22, 1895) by Studio Lévy and Sons.
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Train wreck at Montparnasse (October 22, 1895) by Studio Lévy and Sons.
general economy

In economics, a Veblen good is a member of a group of commodities for which people's preference for buying them increases as their price increases (as greater price confers greater status) instead of decreasing according to the law of demand. A Veblen good is often also a positional good.

The Veblen effect is named after economist Thorstein Veblen, who first identified the concepts of conspicuous consumption and status-seeking in 1899.



Unless indicated otherwise, the text in this article is either based on Wikipedia article "Veblen good" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on original research by Jahsonic and friends. See Art and Popular Culture's copyright notice.

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