Faculty News

In an op-ed, Research Scholar Robert Frank examines the wealthy's spending on luxury goods

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Excerpt from The New York Times -- "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."

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