Get it on Google Play
New! Download Unionpedia on your Android™ device!
Faster access than browser!

Veblen good

+ Save concept

Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases, an apparent contradiction of the law of demand. [1]

31 relations: Bandwagon effect, Cambridge University Press, Choice-supportive bias, Common law of business balance, Conspicuous consumption, Conspicuous leisure, Economic surplus, Facebook, Giffen good, Handbag, Hot hand, Income–consumption curve, Jewellery, Law of demand, Luxury goods, Luxury vehicle, Macmillan Publishers, Microeconomics, Network effect, Positional good, Psychology, Quarterly Journal of Economics, Snob effect, Social status, Status symbol, Substitution effect, Telephone, The Theory of the Leisure Class, Thorstein Veblen, Wine, Yale Law Journal.

Bandwagon effect

The bandwagon effect is a phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases the more that they have already been adopted by others.

New!!: Veblen good and Bandwagon effect · See more »

Cambridge University Press

Cambridge University Press (CUP) is the publishing business of the University of Cambridge.

New!!: Veblen good and Cambridge University Press · See more »

Choice-supportive bias

In cognitive science, choice-supportive bias or post-purchase rationalization is the tendency to retroactively ascribe positive attributes to an option one has selected.

New!!: Veblen good and Choice-supportive bias · See more »

Common law of business balance

The common law of business balance is the principle that one cannot pay a little and get a lot.

New!!: Veblen good and Common law of business balance · See more »

Conspicuous consumption

Conspicuous consumption is the spending of money on and the acquiring of luxury goods and services to publicly display economic power—of the income or of the accumulated wealth of the buyer.

New!!: Veblen good and Conspicuous consumption · See more »

Conspicuous leisure

Conspicuous leisure is a concept introduced by the American economist and sociologist Thorstein Veblen, in The Theory of the Leisure Class (1899).

New!!: Veblen good and Conspicuous leisure · See more »

Economic surplus

In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities.

New!!: Veblen good and Economic surplus · See more »


Facebook is an American online social media and social networking service company based in Menlo Park, California.

New!!: Veblen good and Facebook · See more »

Giffen good

In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.

New!!: Veblen good and Giffen good · See more »


A handbag, also called purse in North American English, is a handled medium-to-large bag used to carry personal items.

New!!: Veblen good and Handbag · See more »

Hot hand

The "hot hand" (also known as the "hot hand phenomenon" or "hot hand fallacy") is the purported phenomenon that a person who experiences a successful outcome with a random event has a greater probability of success in further attempts.

New!!: Veblen good and Hot hand · See more »

Income–consumption curve

In economics and particularly in consumer choice theory, the income-consumption curve is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.

New!!: Veblen good and Income–consumption curve · See more »


Jewellery (British English) or jewelry (American English)see American and British spelling differences consists of small decorative items worn for personal adornment, such as brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks.

New!!: Veblen good and Jewellery · See more »

Law of demand

In microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded decreases (↓); conversely, as the price of a good decreases (↓), quantity demanded increases (↑)".

New!!: Veblen good and Law of demand · See more »

Luxury goods

In economics, a luxury good (or upmarket good) is a good for which demand increases more than proportionally as income rises, and is a contrast to a "necessity good", where demand increases proportionally less than income.

New!!: Veblen good and Luxury goods · See more »

Luxury vehicle

Luxury vehicle is a marketing term for a vehicle that provides luxury—pleasant or desirable features beyond strict necessity—at increased expense.

New!!: Veblen good and Luxury vehicle · See more »

Macmillan Publishers

Macmillan Publishers Ltd (occasionally known as the Macmillan Group) is an international publishing company owned by Holtzbrinck Publishing Group.

New!!: Veblen good and Macmillan Publishers · See more »


Microeconomics (from Greek prefix mikro- meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

New!!: Veblen good and Microeconomics · See more »

Network effect

A network effect (also called network externality or demand-side economies of scale) is the positive effect described in economics and business that an additional user of a good or service has on the value of that product to others.

New!!: Veblen good and Network effect · See more »

Positional good

Positional goods are goods valued only by how they are distributed among the population, not by how many goods there are in total.

New!!: Veblen good and Positional good · See more »


Psychology is the science of behavior and mind, including conscious and unconscious phenomena, as well as feeling and thought.

New!!: Veblen good and Psychology · See more »

Quarterly Journal of Economics

The Quarterly Journal of Economics is a peer-reviewed academic journal published by the Oxford University Press.

New!!: Veblen good and Quarterly Journal of Economics · See more »

Snob effect

The snob effect is a phenomenon described in microeconomics as a situation where the demand for a certain good by individuals of a higher income level is inversely related to its demand by those of a lower income level.

New!!: Veblen good and Snob effect · See more »

Social status

Social status is the relative respect, competence, and deference accorded to people, groups, and organizations in a society.

New!!: Veblen good and Social status · See more »

Status symbol

A status symbol is a perceived visible, external denotation of one's social position and perceived indicator of economic or social status.

New!!: Veblen good and Status symbol · See more »

Substitution effect

In economics and particularly in consumer choice theory, the substitution effect is one component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.

New!!: Veblen good and Substitution effect · See more »


A telephone, or phone, is a telecommunications device that permits two or more users to conduct a conversation when they are too far apart to be heard directly.

New!!: Veblen good and Telephone · See more »

The Theory of the Leisure Class

The Theory of the Leisure Class: An Economic Study of Institutions (1899), by Thorstein Veblen, is a treatise on economics and a detailed, social critique of conspicuous consumption, as a function of social class and of consumerism, derived from the social stratification of people and the division of labour, which are the social institutions of the feudal period (9th – 15th centuries) that have continued to the modern era.

New!!: Veblen good and The Theory of the Leisure Class · See more »

Thorstein Veblen

Thorstein Bunde Veblen (born Torsten Bunde Veblen; July 30, 1857 – August 3, 1929), a Norwegian-American economist and sociologist, became famous as a witty critic of capitalism.

New!!: Veblen good and Thorstein Veblen · See more »


Wine is an alcoholic beverage made from grapes fermented without the addition of sugars, acids, enzymes, water, or other nutrients.

New!!: Veblen good and Wine · See more »

Yale Law Journal

The Yale Law Journal is a student-run law review affiliated with the Yale Law School.

New!!: Veblen good and Yale Law Journal · See more »

Redirects here:

Counter-Veblen effect, Veblen Good, Veblen effect, Veblen goods.


[1] https://en.wikipedia.org/wiki/Veblen_good

Hey! We are on Facebook now! »