Editing Veblen good (section)

== Background ==
Veblen goods are named after American economist [[Thorstein Veblen]], who first identified conspicuous consumption as a mode of [[social status|status]]-seeking (i.e., [[keeping up with the Joneses]]<ref name=":0">{{Cite journal|last1=Banuri|first1=Sheheryar|last2=Nguyen|first2=Ha|date=2020|title=Borrowing to Keep Up (With the Joneses): Inequality, Debt, and Conspicuous Consumption|url=https://www.ssrn.com/abstract=3721084|journal=SSRN Electronic Journal|language=en|doi=10.2139/ssrn.3721084|issn=1556-5068|hdl=10986/34351|s2cid=233752235|hdl-access=free}}</ref>) in ''[[The Theory of the Leisure Class]]'' (1899).<ref>Veblen, T. B. (1899). ''The Theory of the Leisure Class. An Economic Study of Institutions.'' London: [[Macmillan Publishers]].</ref> The testability of this theory was questioned by Colin Campbell due to the lack of complete honesty from research participants.<ref>{{Cite book|title=The Romantic Ethic and the Spirit of Modern Consumerism {{!}} SpringerLink|year=2018|url=https://link.springer.com/content/pdf/10.1007/978-3-319-79066-4.pdf|language=en-gb|doi=10.1007/978-3-319-79066-4|last1=Campbell|first1=Colin|isbn=978-3-319-79065-7}}</ref> However, research in 2007 studying the effect of social comparison on human brains can be used as an evidence supporting Veblen.<ref>{{Cite journal|last1=Fliessbach|first1=K.|last2=Weber|first2=B.|last3=Trautner|first3=P.|last4=Dohmen|first4=T.|last5=Sunde|first5=U.|last6=Elger|first6=C. E.|last7=Falk|first7=A.|date=2007-11-23|title=Social Comparison Affects Reward-Related Brain Activity in the Human Ventral Striatum|url=https://www.science.org/doi/10.1126/science.1145876|journal=Science|language=en|volume=318|issue=5854|pages=1305–1308|doi=10.1126/science.1145876|pmid=18033886|bibcode=2007Sci...318.1305F|s2cid=44951330|issn=0036-8075}}</ref> The idea that seeking status can be an incentive to spend was also later discussed by [[Fred Hirsch (professor)|Fred Hirsch]].<ref>{{Cite book|last=Hirsch|first=Fred|url=https://www.degruyter.com/document/doi/10.4159/harvard.9780674497900/html|title=Social Limits to Growth|date=2013-10-01|publisher=Harvard University Press|isbn=978-0-674-49790-0|language=en|doi=10.4159/harvard.9780674497900}}</ref>

Additionally, there have been different arguments on whether Veblen’s theory applies only to [[luxury goods]] or all goods.<ref>{{Cite journal|last1=Phillips|first1=Ronnie J.|last2=Slottje|first2=Daniel J.|date=1983-03-01|title=The Importance of Relative Prices in Analyzing Veblen Effects|url=https://doi.org/10.1080/00213624.1983.11504096|journal=Journal of Economic Issues|volume=17|issue=1|pages=197–206|doi=10.1080/00213624.1983.11504096|issn=0021-3624|url-access=subscription}}</ref><ref>{{Cite thesis|title=Economic Experiments in Honor of Thorstein Veblen|url=https://www.theses.fr/2019BORD0075|publisher=Bordeaux|date=2019-06-03|degree=These de doctorat|first=Robin|last=Goldstein}}</ref>