The Weird Economics Of Luxury Goods: Why We Want Them | Veblen Goods Explained

Why is it we are willing to spend thousands on a T-shirt that is no different from any other or dish a substantial of our hard-earned savings on supercars, bags, luxury watches. Where do these luxury goods draw their force and their value? Why has the industry been growing so rapidly? In this video, I explore the mysterious economics behind luxury goods. In this video, I look at the economic laws behind luxury goods and how this industry has grown so tremendously by drawing on the works of Thorstein Veblen (specifically, his treatise The Theory Of The Leisure Class). If you enjoyed this video, please subscribe to my channel. You can also find more in-depth articles, where I draw most of my knowledge from at: www.empirics.asia. You can connect with me on Instagram @melvin.poh. #luxurygoods #bernardarnault #veblen #theoryoftheleisureclass #lvmh

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