Veblens Economic Thinking: The Concept of Conspicuous Consumption - Essay Example

Veblen’s economic thinking: The concept of Conspicuous Consumption Affiliation In his book Theory of the Leisure Class, Veblen introduced the idea of conspicuous consumption. Basically, this term was used by Veblen to refer to the behavior of consumers who purchase expensive goods and services as a means of showing off their status. It appears that the idea of conspicuous consumption has taken root in nearly all societies across the world. It is therefore important to understand how this economic concept is affecting our economies today. I would like to learn more about this concept in order to understand how societies have benefited or suffered as a result of this type of consumption.
One interesting aspect that Veblen introduces is the idea of wastage of resources as a result of the conspicuous consumption. It may appear that Veblen is suggesting that conspicuous consumption has led to the production of luxurious goods and services, and these are a waste. It is important to understand if indeed the production of luxurious goods and services is a waste to the economy. There are many forms of such goods and services in all economies in the world, and I would like to know how they affect the individual economies. Living in a society that is filled with different forms of luxurious goods and services, it is difficult to see how this connects with the idea of conspicuous consumption as proposed by Veblen. Does it mean that luxurious goods and services should not be produced? Understanding this concept in great depth will help answer this question.
Conspicuous consumption is linked to the idea of conspicuous leisure. This simply means that people are always looking for ways to engage in leisure as a way of showing off and gain status. It is important to understand how this behavior has affected working patterns and the types of jobs people do. According to the idea of conspicuous consumption, people tend to choose office work over physical work. From an economic point of view, it is necessary to examine how people’s choices of work affect the economy. I therefore would like to gain a deeper understanding of this concept with the respect to the modern working patterns. For instance, one might wonder if the idea of conspicuous s consumption places people in the wrong jobs or leads to lower output. Overall, it appears that the idea of conspicuous leisure, as linked to conspicuous consumption, has a major impact on the economy. Gaining a deep understanding of this economic concept is of great importance.
Finally, I would like to understand how conspicuous consumption is linked to various practices and crimes in the society today. For example, corruption is a practice that affects a number of economies around the world. it appears that this practice may be linked to the idea of conspicuous conception and leisure. Are such practices fueled by conspicuous consumption or do these practices fuel conspicuous consumption? Therefore, understanding this economic concept will help shade some light on these practices and the possible ways of eliminating them. Overall, it is clear that the idea of conspicuous consumption has a tremendous effect on what takes place in our societies today. Gaining a deeper understanding of this concept will help in understanding these practices and how they affect the economy.
References
Heilbroner, R. (1999). The Savage Society of Thorstein Veblen. In The worldly philosophers. New York: Simon & Schuster. Read More