English Explanatory Dictionary

Veblen good

English dictionary entry

Meanings

noun

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.

Pronunciation

En-us-Veblen good.oga

Word forms

Veblen good Veblen goods

Etymology

Named after economist Thorstein Veblen, who first pointed out the concepts of conspicuous consumption and status-seeking.

Related words

Veblen effect Giffen good positional good status symbol

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