Veblen goods (which you good argue an iPhone is) are very sticky and very profitable. To say that veblen goods shouldn't exist is kind of missing the point.
Please show me where I said they shouldn't exist? There's definitely a market for them, so I think they should exist. It's just - if I'm being honest - you're either a fool, or very rich, to be buying some of these "veblen goods" (given the more than adequate alternatives)
