Sentence examples for a Veblen good from inspiring English sources
The phrase "a Veblen good" is correct and usable in written English
It can be used when discussing economic concepts, particularly in relation to goods that are perceived as more desirable when their prices are higher. Example: "Luxury brands often produce items that are considered a Veblen good, as their high prices attract consumers seeking status."
But he meant a Veblen good, something like champagne with snob value, hence a high price.
For some, elite education is a "Veblen good", named after the economist who noticed that a high price was part of the value of luxury goods.
Is this an attempt to convince students that student debt is not a problem, or that education is a Veblen good (where price is a signal of quality)?
A really prestigious item can be a "Veblen good", named after an American economist born in the mid-19th century who noticed that demand for some goods actually rises as they get more expensive because they confer yet more status.
Lawyers are an example of a Veblen good.
A Veblen good does not adhere to the traditional laws of price and demand.
Although the term "Giffen good" is mentioned in a direct quotation, this is actually a reference to Veblen good.
In the right conditions, the demand for a product may be proportional to its price (economists call these Veblen goods), meaning that a product is more desirable the higher its price.
This association is an interesting one and the theory of Veblen goods proposes that people want a product more as its price increases - Stella Artois had great success on this principle with their "reassuringly expensive" campaign.
Oil is near $100 a barrel, there are not enough ships in the sea to carry trade, Veblen goods are everywhere and even certain food supplies are under strain.
They are Veblen goods, named after Thorstein Veblen, the economist who posited that conspicuous consumption has an inherent purpose as a signal of status.
