How a Louis Vuitton bag can explain the higher education bubble

By Paul Campos. In America, the markets for luxury handbags and college degrees both produce what are called "Veblen goods". If you happen to have $31,500 lying around, you could buy a Louis Vuitton PM Showgirl handbag. Or you could spend almost exactly the same sum to pay for one year's worth of tuition (not including room and board) at an average American four-year private college. More...