I was first introduced to the term Veblen good while taking economics 101 in college. Back then, I didn’t have much time to apply what I’ve learned to my daily life due to academic and social commitments. Now, with more time on my hand and less pressure to do anything, it’s probably best to revisit the concept of Veblen good.
According to Wikipedia,
“Veblen goods are types of material commodities for which the demand is proportional to its high price.”
Veblen’s theory is more than a century old, but it still seems to be quite reflective our modern reality. The actionable tips represent my opinions and they are by no means free of prejudice and limitations.
Chapter 1: Introduction
Veblen’s main points:
- People of the upper class, or the leisure class, don’t have to work for their livelihood.
- People belonging to the upper-class are, in fact, predators …