I took your bait and found that the first appearance of "Veblen goods" in the Google Books database is twice in 1972, including in an Economics textbook: "'Veblen goods' or 'snob goods ' for which the utility enjoyed from consuming the good is partly a function of price..."
By the way, I once considered writing a biography of Veblen and journeyed out to Carleton College in Minnesota to look at his papers. (They seem now to be at the University of Chicago.) Unfortunately, the pickings were slim.
I bought a Pixel 2 watch not long ago, and because a Pixel 2 watch is a Pixel 2 watch, the only accessories that they can sell — and hoo-boy, do they ever try to sell them — are bands for the watch. (https://store.google.com/category/pixel_watch_bands)
>The fact that the store has no exterior signage, on the other hand, may be a form of inconspicuous nonconsumption.
"Conspicuous consumption" meets "less is more". Signage would be so vulgar and probably attract the wrong sorts of people.
"Less is more" is an old-money status signifier. For the nouveau riche—Veblen's subject in "The Theory of the Leisure Class"—conspicuous meant showing off.
Thanks for the memory. I've had no occasion to encounter "Veblen goods" since 4th or 5th semester of Econ. It was a very long time ago.
Oh this is so great Nancy. Man I feel like I've found my people!
OH WOW. Could not have expected this delightful deep dive! Honored to have played any role. xx
Thanks, Rachel!
I took your bait and found that the first appearance of "Veblen goods" in the Google Books database is twice in 1972, including in an Economics textbook: "'Veblen goods' or 'snob goods ' for which the utility enjoyed from consuming the good is partly a function of price..."
By the way, I once considered writing a biography of Veblen and journeyed out to Carleton College in Minnesota to look at his papers. (They seem now to be at the University of Chicago.) Unfortunately, the pickings were slim.
Thanks, Ben! 1972 is later than I would have guessed, but long enough ago that I'm surprised "Veblen goods" isn't in any dictionaries.
The quotation marks suggest it had been around for at least a little while, maybe used in economics journals.
Nancy, always an entertaining read and I always learn something new. Adding Veblen to my economic philosophy reading list.
Thanks, Pia!
>Did you know you had a wristgame? Now you do.
I bought a Pixel 2 watch not long ago, and because a Pixel 2 watch is a Pixel 2 watch, the only accessories that they can sell — and hoo-boy, do they ever try to sell them — are bands for the watch. (https://store.google.com/category/pixel_watch_bands)
>The fact that the store has no exterior signage, on the other hand, may be a form of inconspicuous nonconsumption.
"Conspicuous consumption" meets "less is more". Signage would be so vulgar and probably attract the wrong sorts of people.
"Less is more" is an old-money status signifier. For the nouveau riche—Veblen's subject in "The Theory of the Leisure Class"—conspicuous meant showing off.
thus an interesting contradiction between product and emporium