Does a veblen good need to have a physical existence?

[Frasier Balzov]

Is bitcoin a veblen good?

Are bragging rights a veblen good? If I see an unidentified aerial phenomenon have I mined a veblen good?

I never heard the term veblen good before today, and now I want to use it in every conversation.

As though the term itself has become a veblen good in my case.

[CurtEastPoint]

1. My Veblen feels really good

[madinmaryland]

9. My Veblen is getting.... Oh never mind! 😈😈

[DBoon]

2. Definition from Wikipedia (I had to look it up)

A Veblen good is a type of luxury good, named after American economist Thorstein Veblen, for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them 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.

Bitcoin maybe.

Bragging rights or seeing a UFO, not unless you can sell these, and sell more of them by increasing the price

[Frasier Balzov]

6. I guess esteem might be pressing the monetization requirement too far?

"Buster saw one of those drones!"

I, Buster, now find myself suddenly in demand as someone who has become involved in the drone craze.

Bennie observes the value rising for Buster.

Bennie now looks up and sees drones too in order to join in the craze.

It's not just the power of suggestion involved. There's some kind of value attached to it, albeit a sociological one.

[Tanuki]

3. I never heard of a Veblen good until today either.

It seems to me that the Birkin bag would be a good example.

[muriel_volestrangler]

4. NFTs fit (fitted?) the definition a bit better

since they were (are?) something certain people felt they could brag about owning, with it plain they'd paid for "nothing", apart from the knowledge that no one else had paid for that particular "nothing". And there was more kudos in the cost being higher.

Bitcoin has the use of a hard-to-trace exchange mechanism for tax evasion, buying illegal goods, receiving ransoms and so on. When used like that, it's not for bragging, and people want it to end up as profitable.

(On edit: it seems the present tense is the right one - people are still pushing up the prices of some NFTs. Well, they were, until their "price" halved today.

One day, economists will look back and marvel that people spent their time gambling like this and pretending it was a productive activity.

[PoindexterOglethorpe]

5. What on God's Green Earth is a veblen good?

Yeah, I know it was explained/defined by the time I read this thread, but still.

[haele]

10. Take a really high end luxury car - Rolls Royce. A lower priced Rolls will not sell.

The consumer thinks "No way it can be better than a Lexis, so I'd rather buy the Lexus" They "know" what they're getting with the Lexus and won't have to worrying about paying Rolls service costs fixing the all the shortcuts Rolls "must have had to implement to bring the cost down".

Rolls Royce is a velben good. As is Rolex or Cartier. They're niche market goods, intended to be "heirloom" item to last generations and keep it's value as time went on.

Once those brands try to leave their niche and diversify to reach a wider market, they will tend to lose value both within and without their niche because they lose their exclusivity.

Haele

[oldfart73]

7. Beanie Babies and Pogs

Eager customers/collectors/investors/resellers waiting at at the store for the delivery truck to arrive.

New issues timed for effect.
'Limited' quantity issue of zillions.

Now at the yard sale for a quarter or a dime.

[OAITW r.2.0]

8. things I don't piss away money on.

Fad investments/collectibles
Sports betting
Crypto

Things I do:

Skippa, the dog.
Home improvements
some bud, alcohol, and smokes.