When the price of most types of products goes up, demand for them tightens. Except for a couple of special cases.

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And they do so for very different reasons. Meet Veblen and Giffen goods, the products that“break the rules”. Normal goods can be further divided into two types: necessity goods and luxury goods.

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L’Institut Veblen est un think tank français dédié à l’analyse et à la promotion de réformes compatibles avec une économie socialement juste. Critique à l’égard du modèle néolibéral et des théories ...

Legendary novelist John Dos Passos tells the story of economist Thorstein Veblen, the outspoken Progressive Era critic of capitalism who coined the phrase “conspicuous consumption.” ...

Judging by recent Taylor Swift concerts, live music is becoming the 21st century’s version of “Veblen goods”, a luxury product for which demand increases as the price rises. Second ...