Topic
Veblen good
About: Veblen good is a research topic. Over the lifetime, 1767 publications have been published within this topic receiving 39959 citations. The topic is also known as: Veblen good & Veblen goods.
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TL;DR: The Theory of the Leisure Class by Thorstein Veblen as mentioned in this paper is a well-known theory of leisure classes and can be found at the Monthly Review website. Click here to purchase a PDF version of this article.
Abstract: Review of The Theory of the Leisure Class by Thorstein Veblen. This article can also be found at the Monthly Review website , where most recent articles are published in full. Click here to purchase a PDF version of this article at the Monthly Review website.
2,173 citations
TL;DR: In this article, the nature of the problem is discussed and the bandwagon effect and the snob effect are discussed. And the Veblen effect and mixed effects are discussed as well as the conclusion of the conclusion.
Abstract: I. The nature of the problem, 183. — II. Functional and nonfunctional demand, 188. — III. The bandwagon effect, 190. — IV. The snob effect, 199. — V. The Veblen effect, 202. — VI. Mixed effects, 205. — VII. Conclusion, 206.
2,098 citations
Posted Content•
TL;DR: In this article, the authors propose a model for economic development, the associational model, as a third way between state planning and market-driven approaches to development, which correlates high capabilities in social interaction and communication, particularly in the forms of high trust, learning capacity, and networking competence, with the economic and social success of a firm.
Abstract: Proposes a model for economic development, the associational model, as a third way between state planning and market-driven approaches to development. The associational model correlates high capabilities in social interaction and communication, particularly in the forms of high trust, learning capacity, and networking competence, with the economic and social success of a firm. As the process of innovation becomes increasingly collaborative, this social capital can be decisive to the outcome. Because much collaboration involves tacit knowledge, that is, knowledge that has not been put into a tradeable or expressible form, successful collaboration requires personal interaction and shared experiences. Accordingly, the importance of less hierarchical corporate governance forms and local and regional milieux emerge. The consequence of these trends is the ascendancy of the region as the locus of learning and collaboration that drive innovation. Four regional case studies are presented: Baden-Wurttemberg, Emilia-Romagna, Wales, and the Basque Country. The final chapter traces the intellectual roots of the authors' study - the ideas of Schumpeter, Veblen, Marx, and Hayek - and concludes with a sketch of how an associational approach may be implemented by policy makers. (CAR)
1,185 citations
Book•
06 Apr 2013TL;DR: A reprint of the article "Why is economics not an evolutionary science?," by T. Veblen, published in the "Quarterly Journal of Economics" is presented in this paper.
Abstract: A reprint of the article "Why is economics not an evolutionary science?," by T. Veblen, published in the "Quarterly Journal of Economics" is presented. The article questions the premise that physics of equilibrium thermodynamics is relevant to analyzing economic systems. The author suggested that the only rational approach is to assume that economies evolve. He also argues that the economy can be described but have no effective theory of change and development.
1,032 citations
Posted Content•
TL;DR: This paper examined conditions under which "Veblen effects" arise from the desire to achieve social status by signaling wealth through conspicuous consumption, and explored factors that induce Veblen effect and investigated policy implications.
Abstract: The authors examine conditions under which 'Veblen effects' arise from the desire to achieve social status by signaling wealth through conspicuous consumption. While Veblen effects cannot ordinarily arise when preferences satisfy a 'single-crossing property,' they may emerge when this property fails. In that case, 'budget' brands are priced at marginal cost, while 'luxury' brands, though not intrinsically superior, are sold at higher prices to consumers seeking to advertise wealth. Luxury brands earn strictly positive profits under conditions that would, with standard formulations of preferences, yield marginal-cost pricing. The authors explore factors that induce Veblen effects and they investigate policy implications. Copyright 1996 by American Economic Association.
974 citations