What is Goods of Ostentation????


Goods of ostenation are commonly known as veblen goods. Veblen goods are some of the articles such as diamonds, jewellery, etc. are accorded high prestige and status value by the society as these are very costly. Such articles enjoy a high demand because of their high price. Demand for such articles increases with increase in their price. On the other hand, with a fall in the price these articles lose their prestige value and their demand will fall.   

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goods of ostentation are status symbol goods like expensive jewellery paintings etc which increase the pride of the owner it is an exception to law of demand as demand of these gods increase with increase in price since they increase the prestige of the owner
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