Veblen goods

Veblen goods are luxury items whose demand increases with their price. These goods are often associated with conspicuous consumption and social status. They are named after economist Thorstein Veblen, who described the phenomenon in the late 19th century. The high price of these goods often makes them more desirable because they are seen as a symbol of elite status. The saying goes, “If you have to ask the price, you can’t afford it.”