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Competitio

Vol. 13 No. 2 (2014)
Papers

The improvement and the new manifestation of the Veblenian conspicuous consumption theory

Published:
2014-12-15
DOI Linkhttps://doi.org/10.21845/comp/2014/2/2
Author
Karmen Kovacs
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PDF (Hungarian)
Keywords
conspicuous consumption Veblen effect status status goods
How To Cite
Selected Style: APA
Kovacs, K. (2014). The improvement and the new manifestation of the Veblenian conspicuous consumption theory. Competitio, 13(2), 23-35. https://doi.org/10.21845/comp/2014/2/2
Abstract

This paper focuses on how the Veblenian conspicuous consumption theory has been developed further by the theorists of modern economics. The connection between status, status goods and conspicuous consumption is underlined in the discussion. It is emphasized that the price has a multiple role, however, the hypothesized positive relation between price and quantity is not necessarily valid. The wide-ranging motivations and consequences of conspicuous consumption are also analyzed. Finally, the new features of conspicuous consumption are discussed, that is, instead of wasting money on goods, cultural capital and taste have become the core of conspicuous consumption, and instead of focusing on wealth, the contexts of income have become relevant.

Journal of Economic Literature (JEL) Codes: D11, Z13

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