Veblen effect

English

Etymology

Named after economist Thorstein Veblen.

Noun

Veblen effect (plural Veblen effects)

  1. 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.
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