Pappy has become a prime example of a certain kind of product that economists called a “Veblen good.”
With Veblen goods, the demand does the opposite, growing as the price goes up.
Russell, and in another way Dr. Veblen, have given it its most recent expressions.
"Taxonomy" does not appear to me so dreadful a word as it does to Veblen.
Veblen has made it perfectly clear that particular matters of theory are affected by the presupposition of hedonism.
But now the combination of Veblen and myself had helped her to realize what it meant.
It is, as I have said, chiefly the capitalization theory which Veblen applies to these newly important intangible "capital-items."
And in large measure Veblen's work is given to showing how factors of legal and social psychological nature get a money-measure.
Veblen says it is a matter of habit to what particular nationality a man will become attached on arriving at years of discretion.
Several writers, Powers , and especially Veblen, place questions of national honor among the main causes of war.