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Veblen good

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00:54 Aug 7, 2020
English to Indonesian 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
Glossary-building KudoZ




Question posted on behalf of translation team:
GBK economics and finances specialistsGBK economics and finances specialists


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Summary of translations provided
5Barang Veblen
Anastasia Andriani


  

Translations offered


1 hr   confidence: Answerer confidence 5/5
Barang Veblen


Definition from CERDASCO:
Barang Veblen adalah barang yang permintaannya meningkat ketika harganya naik. Permintaan terhadap barang ini lebih karena sifatnya yang eksklusif, bernilai tinggi dan daya tariknya sebagai simbol status. Barang Veblen umumnya merupakan produk yang didambakan berkualitas tinggi. Peningkatan permintaan untuk barang Veblen mencerminkan selera dan prefensi konsumen yang umumnya ditargetkan pada individu kaya, yang memiliki identitas merek yang sangat kuat dan identik dengan kemewahan.

Example sentence(s):
  • Produk yang memiliki nilai tinggi (sangat mahal) seperti perhiasan desainer, arloji mahal, dan mobil mewah - cerdasco  

Explanation:
Permintaan barang Veblen naik ketika harganya naik dan permintaan akan lebih sedikit ketika harganya turun. Kenaikan harga itu sendiri menyiratkan utilitas yang diterima konsumen kaya oleh karena itu, kenaikan harga menyiratkan prestise dan meningkatkan daya tarik barang tersebut. Tetapi jika harga produk semacam itu diturunkan, daya tarik bagi individu kaya berkurang, yang mana membuatnya dijauhi oleh konsumen yang sadar status, sementara pada saat yang sama masih terlalu mahal untuk pasar massal.
Anastasia Andriani
Indonesia
Local time: 22:59
Native speaker of: Native in IndonesianIndonesian
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