Veblen-good definition
A good for which people's preference for buying them increases as a direct function of their price, as greater price confers greater status.
noun
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Other Word Forms
Noun
Singular:
veblen-good
Plural:
Veblen goodsOrigin of veblen-good
- Named after economist Thorstein Veblen, who first pointed out the concepts of conspicuous consumption and status-seeking.
From Wiktionary