Veblen effect
nounEtymology Named after economist Thorstein Veblen.
1
Conspicuous consumption.
- The Veblen effect, unlike the other two effects, is a response by consumers to the ostentatious price of the good rather than to the quantity others are buying. It is the effect generally known as conspicuous consumption.2020, Judy Whitehead, Microeconomics: A Global Text, Routledge, →ISBN, page 111:
- Related terms
- Veblen good