Veblen good

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00:54 Aug 7, 2020
English to Slovak translations [PRO]
Bus/Financial - Economics
Additional field(s): Business/Commerce (general), Finance (general), Marketing / Market Research
English term or phrase: Veblen good
Definition from TapRun.com:
A product for which a higher price stimulates increased customer demand. Such items are used to advance the status of the purchaser and provide value other than direct functionality. Common examples include art, wine and jewelry.

Example sentence(s):
  • Additionally, whether or not foreign workers view Saudi Arabia’s labor market as a Veblen good has different repercussions for the policy’s future effectiveness. For instance, if we assume that the policy’s primary objective has been to curb foreign worker flows into the country, then the policy did not accomplish its goals (yet). Georgetown Public Policy Review
  • A Veblen good does not adhere to the traditional laws of price and demand. Below a certain price, the price/demand dynamics are consistent with conventional products – higher prices result in a lower demand. However, above a certain price, this relationship reverses, and demand rises along with price increases. Forbes
  • UK housebuilders are marching upwards after Berkeley hiked its shareholder bung. The builder of Veblen-good towerblocks in subprime neighbourhoods will return an extra £455m over the next two years, on top of a £280m per annum already announced. It’ll be in a tax-streamlined B and C share structure that supersedes the current £140m dividend cost, with £500m going back to investors in March 2020 at 400p per share and in March 2021 at 440p. Financial Times Alphaville
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Summary of translations provided
4Veblenov statok
Miriama Levicka


  

Translations offered


7 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
Veblenov statok


Definition from Wikipedia:
V ekonomii se jako Veblenův statek označuje zboží či služby, které jsou funkčně zastupitelné levnějším substitutem, avšak přináší konzumentovi vyšší sociální užitek (postavení ve společnosti). Jedná se tedy o statky, kde s rostoucí cenou roste i poptávané množství, což je v rozporu s klasickým zákonem klesající poptávky. Naopak v případě, kdy cena Veblenova statku klesá, se zároveň snižuje i vyjímečnost tohoto zboží a tím pádem i poptávka. Nejčastěji jsou Veblenovy statky spojeny s luxusním zbožím, příkladem můžou být luxusní automobily, šperky, elektronika či některé druhy jídla.

Example sentence(s):
  • Veblenové statky sú luxusné statky, ktoré signalizujú hodnotu a bohatstvo spotrebiteľa. Ich prípadná nižšia cena by sprístupnila tovar širokým masám a tovar by tak stratil svoju exkluzivitu. Pri poklese ceny by sa teda paradoxne znížilo aj dopytované množstvo. - TU Ostrava  
Miriama Levicka
United Kingdom
Local time: 17:55
Native speaker of: Native in SlovakSlovak
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