Veblen good en · NOUN
Pronunciation
- (US) audio
Etymology
Named after economist Thorstein Veblen, who first pointed out the concepts of conspicuous consumption and status-seeking.
Meanings
- A luxury item for which demand increases as its price rises, defying the standard law of demand due to its role as a status symbol.
Forms
| Spelling | Features | Labels | Source |
|---|---|---|---|
| Veblen goods | Number=Plur | lexicographic |
Relateds
positional good · status symbol · Veblen effect · Giffen good