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Veblen Goods

Veblen Goods are a somewhat controversial concept in economics, being products for which demand rises as the price goes up, rather than falling as standard supply and demand theory would suggest. The value of Veblen Goods may be that they demonstrate wealth, and the higher the price the more effectively they do so.

In fact we have to wonder if money itself has not taken on some of the artificial shine – if part of the appeal of getting a lot of money is not a fetish-like emotional appeal from having the notes and currency on call, entirely separate from what the money can actually do.

See also La Distinction.

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analysis/economics/value/veblen_goods.txt · Last modified: 2012/10/03 08:13 by ram