Veblen good  

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general economy

In economics, a Veblen good is a member of a group of commodities for which people's preference for buying them increases as their price increases (as greater price confers greater status) instead of decreasing according to the law of demand. A Veblen good is often also a positional good.

The Veblen effect is named after economist Thorstein Veblen, who first identified the concepts of conspicuous consumption and status-seeking in 1899.

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