It would seem the highest order of recognition for an economist is to have an observable phenomenon named after you. In Adam Smith’s case, he is recognized for the concept of an invisible hand that guides the market, even if it is never seen and always felt.
A lesser-known economist, Torsten Veblen, observed a phenomenon in which the price elasticity of demand was challenged by certain types of goods whose demand, and therefore their price, would increase the more they were coveted. These became known as Veblen goods—a class of products whose prices increase the more sought after they become. Luxury goods such as a Rolex watch, which ostensibly has fewer features than a potentially life-saving Apple Watch, fall into this category and tend to appreciate in value depending on their rarity.