5 ms·
Isn't that true for Veblen too?
by deepnotderp 7y ago
Isn't that true for Veblen too?
- motohagiography 7y agoIf 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.