Veblen effect
English edit
Etymology edit
Named after economist Thorstein Veblen.
Noun edit
Veblen effect (plural Veblen effects)
- Conspicuous consumption.
- 2020, Judy Whitehead, Microeconomics: A Global Text, Routledge, →ISBN, page 111:
- 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.