tutor2u | Thorstein Veblen

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Thorstein Veblen

Veblen coined the term conspicuous consumption - where people gain satisfaction from being seen to be consuming high-priced, luxury goods and services such as designer jewellry and expensive cars. With Veblen Goods it may be the case that a higher market price actually causes demand to rise i.e. the demand curve could be upward-sloping.

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