> There’s another possibility, however. Imagine that there is a demand for a specific luxury good - say, ivory from elephant tusks.
to be followed with something like "but as it happens, in some cases like luxury goods, demand can actually increase as prices increase! This is called a Veblen Good, isn't that interesting!"
The author instead makes a different point: the 'supply' of elephant ivory can increase despite the underlying rarity of the natural resource, because rising prices create more willingness to poach, and market prices are about how much you have to pay the poacher, not the elephant. This isn't necessarily self-balancing because eventually you do run out of elephants entirely.
This doesn't really strike me as a comment about price elasticity per se.
