What Is A Veblen Good?
A Veblen good is a product that challenges conventional economic theory. Normally, when the price of something increases, demand tends to drop. But for Veblen goods, the opposite occurs — demand ac...
Source: Bitcoin Magazine
A Veblen good is a product that challenges conventional economic theory. Normally, when the price of something increases, demand tends to drop. But for Veblen goods, the opposite occurs — demand actually rises as prices go up, and drops when prices go down as it loses its exclusive nature. These are typically luxury items like […]