It’s lovely to be noted of course. Rather less lovely to be misunderstood:
One common claim is that the wealthy routinely violate the economist’s law of demand. A bedrock principle of economic rationality, this law holds that as the price of a good rises, consumers buy less of it. Many analysts, however, portray the rich as people who lust after what are known as “Veblen goods” — commodities whose sales actually increase when their prices rise.
Er, no. A Veblen Good is something that is more desirable because it is expensive. A $1,00 raincoat insists that you are the sort of person who can afford a $1,000 raincoat. It is conspicuous consumption, showing that one is alpha.
However, this doesn’t mean that sales actually increase as price does. A good whose sales increase as price does is a Giffen Good. Long thought to be a mythical creature they’ve now been identified. Rice in South China, wheat noodles in North China (and perhaps potatoes in 18th century Ireland etc). A seriously basic foodstuff, the staff of life (and possibly bread in 18th cent England as well, etc). When you’re only getting 3,000 calories a day and spending 70% of your income to get it, that staff of life rises in price. So, you drop other expenditure (say, that 10% you’ve been spending on the occasional piece of bacon) in order to buy more of the staff of life to continue getting your 3,000 calories a day.
Veblen and Giffen goods are different things. It is, of course, theoretically possible for the former to be one of the latter but it’s most, most, unlikely.