Veblen good facts for kids

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SC06 2006 Rolls-Royce Phantom
Luxury cars are an example of Veblen goods, particularly at the higher end.This image shows the Rolls-Royce Phantom

In economics, a Velblen good is a good whose preference and consumption increases with its price. This is against the Law of supply and demand. The goods are named after Thorstein Veblen, who first described the effect of conspicuous consumption in 1899. Veblen goods are often also positional goods.


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