Veblen good

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• Veblen Good — Goods that are perceived to be exclusive as long as prices remain high or increase. Veblen goods get their name from economist Thorstein Veblen, who was one of the first to look into and write about conspicuous consumption and the concept of… …   Investment dictionary

• Veblen good — In economics, Veblen goods are a theoretical group of commodities for which peoples preference for buying them increases as a direct function of their price, instead of decreasing according to the theory of supply and demand.It is claimed that… …   Wikipedia

• Veblen — may refer to* Thorstein Veblen, the economist and sociologist * A Veblen good, named after Thorstein Veblen * Oswald Veblen, the mathematician (and Thorstein s nephew) * Veblen, South Dakota …   Wikipedia

• Good (economics) — Types of goods in economics. In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility. It is normally used in the plural form goods to denote tangible commodities such as… …   Wikipedia

• Veblen, Thorstein — ▪ American economist and sociologist Introduction in full  Thorstein Bunde Veblen  born July 30, 1857, Manitowoc county, Wisconsin, U.S. died Aug. 3, 1929, near Menlo Park, California       American economist and social scientist who sought to… …   Universalium

• Inferior good — Good Y is a normal good since the amount purchased increases from Y1 to Y2 as the budget constraint shifts from BC1 to the higher income BC2. Good X is an inferior good since the amount bought decreases from X1 to X2 as income increases. In… …   Wikipedia

• Giffen good — In economics (consumer theory), a Giffen good is that which people consume more of as price rises, violating the law of demand. In normal situations, as the price of such a good rises, the substitution effect causes people to purchase less of it… …   Wikipedia

• Thorstein Veblen — Infobox Economist school tradition= Institutional economics color = #B0C4DE image caption = Thorstein Bunde Veblen (1857 1929) name = Thorstein Veblen birth = Birth date|1857|07|30 (Cato, Wisconsin) death = Death date and… …   Wikipedia

• Giffen Good — A consumer good for which demand rises when the price increases, and demand falls when the price decreases. This phenomenon is notable because it violates the law of demand, whereby demand should increase as price falls and decrease as price… …   Investment dictionary

• Luxury good — Luxuriant redirects here. For the French wine grape also known as Luxuriant, see Jurançon (grape). The Mercedes Benz S Class is a luxury sedan Luxury goods are products and services that are not considered essential and associated with… …   Wikipedia

• Credence good — A credence good is a term used in economics for a good whose utility impact is difficult or impossible for the consumer to ascertain. In contrast to experience goods, the utility gain or loss of credence goods is difficult to measure after… …   Wikipedia