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by opo
2245 days ago
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You are thinking of a Giffen good. A Veblen good: >...A higher price may make a product desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own. https://en.wikipedia.org/wiki/Veblen_good A Giffen good: >...The classic example given by Marshall is of inferior quality staple foods, whose demand is driven by poverty that makes their purchasers unable to afford superior foodstuffs. As the price of the cheap staple rises, they can no longer afford to supplement their diet with better foods, and must consume more of the staple food. https://en.wikipedia.org/wiki/Giffen_good |
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