Conspicuous consumption

Question 1

What is Veblen’s theory of conspicuous consumption?

Answer 1

argued that wealth is the ultimate source of status and respect, and by extension people engage in practices designed to display their wealth to others.

Question 2

What are the 2 types of conspicuous wealth?

Answer 2

1. conspicuous leisure: distances a person from work or labour
2. conspicuous consumption: communicates wealth through the display of (costly) material possessions

Question 3

What is Veblen’s trickle down phenomenon?

Answer 3

less 2 affluent groups emulate more affluent groups, driving the need for the rich to constantly innovate and distance themselves through new forms of conspicuous consumption.

Question 4

What is a superyacht?

Answer 4

boat must be at least 30 meters in length

Question 5

How have superyachts come to replace earlier forms of conspicuous consumption for the very rich?

Answer 5

most expensive superyachts are much more expensive than the most expensive homes

Question 6

How can social media serve a dual function in visibility of wealth?

Answer 6

1. way to display wealth
2. means through which extreme wealth is “scrutinized” critiqued

Question 7

What is cultural capital?

Answer 7

refers to non-economic assets that enable social mobility. These include education, intellect, style of speech, and dress.

Question 8

What is Sherman’s study of conflicted consumption?

Answer 8

• sought to understand how very affluent people make sense of their privilege and the lifestyles their wealth supports.
• most interviewees “aspire to the middle” –> want to feel/act like they belong to the middle class
• wanted to appear ordinary

Question 9

How does history influence how we think about economic inequality today?

Answer 9

• many societies have become increasingly invested in ideas of meritocracy and equality
• overt expressions of elitism and authority are frowned upon

Question 10

What is Sherman’s distinction between “upward” and “downward” oriented people?

Answer 10

upward: people compare themselves to people who are richer than them
downward: people compare themselves to people who have less

Question 11

How are Veblen and Bourdieu similar?

Answer 11

• Both Veblen and Bourdieu emphasize the role of social hierarchy in shaping consumption patterns.
• Veblen’s evolutionary framework and Bourdieu’s concept of cultural capital highlight how social norms and consumption practices evolve over time.
• Bourdieu’s work addresses some of the limitations of Veblen’s theory by considering the role of cultural capital and the more subtle ways in which status is conveyed in modern society.