What economic concept describes the phenomenon where people consume more of a good as its price rises, often to show off wealth?
Show answer
Veblen good
Named after Thorstein Veblen, who coined 'conspicuous consumption.' Examples include luxury cars or designer handbags where the high price adds to the product's status.
Also asked as:
- What term refers to a good for which demand increases as the price rises, typically to signal high status?