HeavenlyPossum@kolektiva.social - There was a stretch when Elon Musk took over twitter and started charging for blue checks (lmao) and some of his sycophants started talking about “Veblen goods.”
A Veblen good is something for which demand increases as price increases, in contact to the neoclassical orthodoxy that demand decreases axiomatically with price.
Veblen goods are things that rich people buy to signal their wealth and status. Jewelry, fancy watches, yachts, Ivy League degrees. Things that cost many thousands or millions of dollars.
The idea that an $8 verification on twitter would ever be a status symbol for the rich was fucking ludicrous.
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