Conspicuous Consumption - the idea

[Rufus]

The term conspicuous consumption came from a Norwegian-American called Thorstein Veblin. Just found out about him from listening to BBC Radio 4's "In our time" programme (see link below). As he had a Scandinavian background and had this idea that features in "En Guarde" I thought I would pass it on. "In our time" gets relevant academics to explain a topic - so you can go through the programme's back catalogue and you will very likely find something that would interest you.

https://www.bbc.co.uk/programmes/m001sdrt

The Theory of the Leisure Class
In Our Time

Melvyn Bragg and guests discuss the most influential work of Thorstein Veblen (1857-1929). In 1899, during America’s Gilded Age, Veblen wrote The Theory of the Leisure Class as a reminder that all that glisters is not gold. He picked on traits of the waning landed class of Americans and showed how the new moneyed class was adopting these in ways that led to greater waste throughout society. He called these conspicuous leisure and conspicuous consumption and he developed a critique of a system that favoured profits for owners without regard to social good. The Theory of the Leisure Class was a best seller and funded Veblen for the rest of his life, and his ideas influenced the New Deal of the 1930s. Since then, an item that becomes more desirable as it becomes more expensive is known as a Veblen good.

With

Matthew Watson
Professor of Political Economy at the University of Warwick

Bill Waller
Professor of Economics at Hobart and William Smith Colleges, New York

And

Mary Wrenn
Senior Lecturer in Economics at the University of the West of England