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Politics : Actual left/right wing discussion
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To: Brumar89 who wrote (5816)1/19/2007 2:38:04 PM
From: Oeconomicus  Read Replies (1) of 10087
 
Actually, that's an oversimplification of a "Veblen good". The response of quantity demanded to actual price is still negative even for a Veblen good. But the demand curve shifts out in response to changes in the "conspicuous price", the price "a consumer thinks that other people think he or she paid". In other words, they don't actually want to pay more, they just want the status of other people thinking they did.
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