3 ms·

Nitpick: Veblen good, not giffen

• motohagiography 7y ago
  Was going to go with Veblen because of status signalling, but when the price elasticity of demand gets inverted, it was Giffen.
  • deepnotderp 7y ago
    Isn't that true for Veblen too?
    • motohagiography 7y ago
      If I remember F&D correctly, Veblen was more of a back fitted narrative construct around luxury goods, where Giffen was the "impossible," artifact of inverting the price elasticity of demand. They are related, but Veblen didn't write that a wave of debt would cause leisure consumption, whereas the wave of debt fueled demand is just the distortion that would make Giffen goods possible.