Investopedia / Julie Bang A Veblen good is a type of luxury item for which demand increases as the price rises, which contradicts the typical relationship between price and demand. A Veblen good ...

A Veblen good is a product that challenges conventional economic theory. Normally, when the price of something increases, demand tends to drop. But for Veblen goods, the opposite occurs — demand ...

These "Veblen goods," named after economist Thorstein Veblen who first mapped this peculiar behavior, reveal how deeply status-seeking is wired into our psyche. People aren't just willing to pay ...

And they do so for very different reasons. Meet Veblen and Giffen goods, the products that “break the rules”. Broadly speaking, necessity goods are all those things we require for everyday ...

It’s about spending a ridiculous amount of money to show the world you can. Veblen argued that these goods—now dubbed “Veblen goods”—become more desirable as their price rises.

“Instead, people work two, three jobs, take two weeks’ holiday and have more goods. And why do they do that? Well, as Veblen said, because they're comparing themselves with other people.

And they do so for very different reasons. Meet Veblen and Giffen goods, the products that“break the rules”. Normal goods can be further divided into two types: necessity goods and luxury goods.