`veblen-effect` Related Article Results

Veblen effect is an economic and sociological phenomenon in which demand for a good increases as its price rises. This concept was introduced by American economist and sociologist Thorstein Veblen in his 1899 work The Theory of the Leisure Class. Veblen observed that individuals prefer expensive and luxury goods to signal their social status and described this behavior as “conspicuous consumption”. Conspicuous consumption is not based solely on the functional value of a product or service but on