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Politics : Actual left/right wing discussion -- Ignore unavailable to you. Want to Upgrade?

To: Brumar89 who wrote (5816)1/19/2007 2:16:50 PM
From: Gersh Avery  Read Replies (1) | Respond to of 10087
 
"Are you saying marijuana or other drugs are status symbols? "

Also consider the quality of the thing. Quality also has impact on demand and prices.

Overall .. when something becomes illegal, it is perceived to have a more limited supply than before. Consumers tend to act like Katrina is headed in.



To: Brumar89 who wrote (5816)1/19/2007 2:38:04 PM
From: Oeconomicus  Read Replies (1) | Respond to 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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