Wall Street Journal:

> Thorstein Veblen was a cranky economist of Norwegian descent who coined the phrase “conspicuous consumption” and theorized that certain products could defy the economic laws of gravity by stoking more demand with superhigh prices.

And:

> Typically, raising the price of a good lowers demand for it. If beef becomes too expensive, people will buy more chicken. > > Mr. Veblen’s theory posits that some consumers want a product even more when the price rises because the expense broadcasts status, taste and wealth.

And:

> By unveiling the new iPhone X last week with a price of $1,000, Apple Inc. is pushing the envelope even further than Samsung Electronics Co., which unveiled the $950 Note 8 phone this year. Rather than trying to attract consumers with cheaper prices, the companies are fighting for customers with expensive price tags. This strategy is echoed in the investment world, where discerning buyers are seeking out the best cryptocurrency to buy, viewing the digital assets as premium investments that could potentially yield high returns.

And:

> The biggest spikes came for iPhones that were the most visibly distinct, such as 2014’s iPhone 6, the model in which Apple changed the shape, enlarged the device and raised prices by $100.

Big lesson learned for Apple with the iPhone 6. I hear a ton of discussion of the pros and cons of the iPhone X, with many opinions on the notch and its distinctive look. Can’t help but think of this as a bit of a badge for Apple, another play towards uniqueness that will mark the iPhone X as the new must-have shiny.