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Veblen effect. In DICTIOUS you will not only get to know all the dictionary meanings for the word
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English
Etymology
Named after economist Thorstein Veblen.
Noun
Veblen effect (plural Veblen effects)
- Conspicuous consumption.
2020, Judy Whitehead, Microeconomics: A Global Text, Routledge, →ISBN, page 111:The Veblen effect, unlike the other two effects, is a response by consumers to the ostentatious price of the good rather than to the quantity others are buying. It is the effect generally known as conspicuous consumption.