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 ...

What do these phrases mean? If you don’t know, there’s a decent chance you’re spending money foolishly. Android’s Law A CNNMoney post explains that the popularity of Android, Google’s free open-source ...

A recent visit to a restaurant in the city left me hungry because I had no prior booking – yet the seats were empty. I assumed the guests were on their way. Not wanting to create a fuss, I left, but ...

The S&P 500 Luxury Goods Index has experienced a torrid start to the year, falling by nearly 5%. However, I wouldn’t be worried about my luxury goods stocks if I were you. Luxury products are what are ...

Starbucks' share price hit a one-year low on Wednesday. (Spencer Platt/Getty Images) You see an Iced Starbucks Blonde Vanilla Latte that costs $7.25. An economist sees a “Veblen good.” Part of the ...

For the majority of artists out there, whether painters, singers or anyone who makes art, when economic times are hard, there are fewer people who will buy their work. However, the problem with these ...

It was during America’s “Gilded Age” – a period that many (not just them Yankees, but also us Pinoys) look back on with borrowed nostalgia – that an economist named Thorstein Veblen wrote a book ...

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