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Veblen goods are the exception, not the rule. Some products are just killed outright by advancing technology: the newspaper industry is doomed, those profits ar
by sbierwagen 13y ago
Veblen goods are the exception, not the rule. Some products are just killed outright by advancing technology: the newspaper industry is doomed, those profits are gone forever now, because there's no market for "hand-written" investigative stories. Ditto music (to an extent), ditto cable TV.
Some industries can survive being automated, most cannot.
- humanrebar 13y agoPoint well taken, but you could argue that news, music, and cable TV are sectors of the information and entertainment industries, which certainly contain veblen goods.