Veblen good
Hello, you have come here looking for the meaning of the word Veblen good. In DICTIOUS you will not only get to know all the dictionary meanings for the word Veblen good, but we will also tell you about its etymology, its characteristics and you will know how to say Veblen good in singular and plural. Everything you need to know about the word Veblen good you have here. The definition of the word Veblen good will help you to be more precise and correct when speaking or writing your texts. Knowing the definition ofVeblen good, as well as those of other words, enriches your vocabulary and provides you with more and better linguistic resources.
English
Etymology
Named after economist Thorstein Veblen, who first pointed out the concepts of conspicuous consumption and status-seeking.[1]
Pronunciation
Noun
Veblen good (plural Veblen goods)
- A good for which people's preference for buying them increases as a direct function of their price, as greater price confers greater status.
Usage notes
These should not be confused with Giffen goods, for which price rises increase purchases not because consumers enjoy the goods any more but simply because consumers have less purchasing power (and no viable alternative). For Veblen goods, purchases increase because the good is enjoyed more (e.g. for status reasons) when its price is higher.
Related terms
See also
References
- ^ Veblen, T. B. (1899). The Theory of the Leisure Class. An Economic Study of Institutions. London: Macmillan Publishers.