What are Veblen goods? How are they different from regular goods and commodities and how is bitcoin a Veblen good? For most products and services, there is an inverse relationship between price and ...

A Veblen good is a product that challenges conventional economic theory. Normally, when the price of something increases, demand tends to drop. But for Veblen goods, the opposite occurs — demand ...

Tyler Cowen tells us of some research done with capuchin monkeys and the prices of goods. And then he concludes that while the monkeys got the answer right (they weren't fooled into thinking that ...

I thought that this new titanium cased Android smartphone was an interesting little study in consumerism. For the real point and purpose of this phone, from Gresso, is not to be a smartphone at all, ...

For most products and services, there is an inverse relationship between price and demand. That is, when the price goes up, demand goes down. However, for Veblen goods, there is a direct relationship ...