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Conspicuous consumption | Economics & Social Impact | Britannica Money
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data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">luxury</div></div></div></a><a href="/money/consumption-function" class="link-black" data-testid="RelatedContent-1-134598-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/69/74469-004-5610017C/income-hypothesis-propensity-decreases-cash-hand-increases.jpg?c=crop&h=40&w=50" alt="According to the permanent income hypothesis, the marginal propensity to consume decreases as the amount of cash on hand increases." data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">consumption function</div></div></div></a><a href="/money/purchasing-power-parity" class="link-black" data-testid="RelatedContent-1-2222333-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/80/242780-050-D7BDBF9E/purchasing-power-parity.jpg?c=crop&h=40&w=50" alt="purchasing power parity" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">purchasing power parity</div></div></div></a></div></div><button class="btn btn-outline-undefined TableOfContents_MobileTableOfContentsButton__dHpRi d-md-none mb-20 w-100 d-none" data-testid="MobileTableOfContents" type="button" aria-label="Table Of Contents" style="--category-color:var(--orange-light)"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M4 10.5c-.83 0-1.5.67-1.5 1.5s.67 1.5 1.5 1.5 1.5-.67 1.5-1.5-.67-1.5-1.5-1.5zm0-6c-.83 0-1.5.67-1.5 1.5S3.17 7.5 4 7.5 5.5 6.83 5.5 6 4.83 4.5 4 4.5zm0 12c-.83 0-1.5.68-1.5 1.5s.68 1.5 1.5 1.5 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3.1-3.1 3.1h-4V17h4c2.76 0 5-2.24 5-5s-2.24-5-5-5z"></path></svg>Links</button><span hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></span></div><div class="" data-testid="BylinesWrapper"><strong class="font-12 mr-5 text-center">Written by</strong><span class="mr-5" data-testid="Byline"><span class="Byline_popoverTrigger__xVs4j font-14" id="_R6eajjtsuesq">Ronnie J. Phillips</span></span><div class="popover AuthorPopover_AuthorPopover__0W0b4" data-testid="Popover"><a class="font-weight-semi-bold" href="/money/author/Ronnie-J-Phillips/9433392">Ronnie J. Phillips</a><div class="AuthorPopover_shortBio__1tFaf mt-5 font-14 font-serif text-gray-700 line-clamp clamp-4">Professor Emeritus, Economics, Colorado State University. Author of <em>The Chicago Plan and New Deal Banking Reform</em> and others. His contributions to SAGE Publications's <em>Encyclopedia of Business Ethics and Society</em> (2008) formed the basis of his contributions to Britannica.</div><div data-popper-arrow="true"></div></div></div><strong class="font-12 mr-5">Fact-checked by</strong><span class="mr-5" data-testid="Byline"><span class="Byline_popoverTrigger__xVs4j font-14" id="_R6majjtsuesq">The Editors of Encyclopaedia Britannica</span></span><div class="popover AuthorPopover_AuthorPopover__0W0b4" data-testid="Popover"><a class="font-weight-semi-bold" href="/money/author/The-Editors-of-Encyclopaedia-Britannica/4419">The Editors of Encyclopaedia Britannica</a><div class="AuthorPopover_shortBio__1tFaf mt-5 font-14 font-serif text-gray-700 line-clamp clamp-4">Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.</div><div data-popper-arrow="true"></div></div><div class="caption mt-5 d-flex" data-testid="ContentDateAndHistory"></div></div><div class="TableOfContents_TableOfContents__g8WLR d-none" data-testid="TableOfContents"><div class="font-16 font-weight-bold">Table of Contents</div><hr class="mt-0"/><ul class="TableOfContents_TableOfContentsList__yU1tL p-0 mt-0 mb-0 list-unstyled pl-5" style="--category-color:var(--orange-light)"><li class="link-black font-14 my-10"><a href="#ref133666-1">Introduction</a></li><li class="link-black font-14 my-10"><a href="#ref133666-references">References</a></li></ul><div class="font-14 font-weight-bold mt-20">Read More</div><div class="TableOfContents_RelatedArticle__yK5m6" data-testid="RelatedContents"><a href="/money/luxury" class="link-black" data-testid="RelatedContent-1-2113522-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/40/96640-050-9B96A9ED/Gardens-Andre-Le-Notre-Palace-of-Versailles.jpg?c=crop&h=40&w=50" alt="Versailles, Palace of; Le Nôtre, André" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">luxury</div></div></div></a><a href="/money/consumption-function" class="link-black" data-testid="RelatedContent-1-134598-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/69/74469-004-5610017C/income-hypothesis-propensity-decreases-cash-hand-increases.jpg?c=crop&h=40&w=50" alt="According to the permanent income hypothesis, the marginal propensity to consume decreases as the amount of cash on hand increases." data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">consumption function</div></div></div></a><a href="/money/purchasing-power-parity" class="link-black" data-testid="RelatedContent-1-2222333-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/80/242780-050-D7BDBF9E/purchasing-power-parity.jpg?c=crop&h=40&w=50" alt="purchasing power parity" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">purchasing power parity</div></div></div></a></div></div><button class="btn btn-outline-undefined TableOfContents_MobileTableOfContentsButton__dHpRi d-md-none mb-20 w-100" data-testid="MobileTableOfContents" type="button" aria-label="Table Of Contents" style="--category-color:var(--orange-light)"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M4 10.5c-.83 0-1.5.67-1.5 1.5s.67 1.5 1.5 1.5 1.5-.67 1.5-1.5-.67-1.5-1.5-1.5zm0-6c-.83 0-1.5.67-1.5 1.5S3.17 7.5 4 7.5 5.5 6.83 5.5 6 4.83 4.5 4 4.5zm0 12c-.83 0-1.5.68-1.5 1.5s.68 1.5 1.5 1.5 1.5-.68 1.5-1.5-.67-1.5-1.5-1.5zM7 19h14v-2H7v2zm0-6h14v-2H7v2zm0-8v2h14V5H7z"></path></svg><span class="font-18 ml-5">Table Of Contents</span></button><span hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></span><div class="font-serif font-18 lh-lg dropCapArticle"><div class="QuickFacts_quickFacts__FMF2_ border rounded p-20 mb-20 ml-sm-20 mx-auto font-14 bg-white font-sans-serif"><div class="" data-testid="QuickFacts-Facts"><div class="QuickFacts_fact__5ukCJ position-relative line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Key People:</dt><dd><a href="/money/Thorstein-Veblen" topicid="624279">Thorstein Veblen</a></dd></dl></div></div></div><section class="HTMLContent_HTMLContent__cOyPs" data-testid="HTMLContent"><span id="ref133666-1" data-level="1" /><p><strong><span id="ref1200645" />conspicuous consumption</strong>, term in <a href="/money/economics">economics</a> that describes and explains the practice by consumers of using goods of a higher quality or in greater quantity than might be considered necessary in practical terms. The American economist and sociologist <span id="ref1200968" /><a href="/money/Thorstein-Veblen">Thorstein Veblen</a> coined the term in his book <em><span id="ref1200969" /><a href="/topic/The-Theory-of-the-Leisure-Class">The Theory of the Leisure Class</a></em> (1899). The concept of conspicuous consumption can be illustrated by considering the motivation to drive a luxury car rather than an economy car. Any make of car provides transport to a destination, but the use of a luxury car additionally draws attention to the apparent affluence of the driver. The benefit of conspicuous consumption can be situated within the idea, postulated by economists, that consumers derive “utility” from the consumption of goods. Veblen identified two distinct characteristics of goods as providing utility. The first is what he called the “serviceability” of the good—in other words, that the good gets the job done (e.g., luxury and economy cars are equally able to get to a given destination). The other characteristic of a good is what Veblen called its “honorific” aspect. Driving a luxury car shows that the consumer can afford to drive an automobile that others may admire; that admiration comes not primarily from the car’s ability to get the job done but from the visible evidence of wealth it provides. The vehicle is thus an outward display of one’s status in society.</p><!--[P-1]--><p>A corollary of the dual characteristics of goods is that such conspicuous consumption is “waste.” In using this term to describe what might usually be termed “excess,” Veblen was not making a judgment that the good is unneeded by society but rather was using <em>waste</em> as a technical term indicating that the production of a luxury good requires more resources than the production of a nonluxury good. The difference Veblen would label waste, but this does not mean that luxury goods should not be produced.</p><!--[P-2]--><p>The core of Veblen’s analysis of modern society was the fact that on the one hand there is enormous technological potential to produce goods, and on the other hand <a href="/money/business-organization">business enterprise</a> constrains the amount produced to that which can be profitably sold. A hypothetical journey from <a href="/place/New-York-City">New York City</a> to Boston, for example, could be accomplished by any ordinary automobile. To sell more luxurious cars, an enterprise must continually expand consumers’ wants. In Veblen’s view the function of <a href="/money/advertising">advertising</a> is to create a desire among consumers for goods whose usage displays status and prestige. The gulf between the wants of consumers and the productive potential of technology is reduced through advertising. It is for this reason that Veblen viewed advertising as waste but waste that is intrinsic to a modern economy based on the principles of profit-making business enterprises.</p><!--[P-3]--></section><a class="QuizLink_quizLink__4oGHT shadow-sm border rounded p-10 mx-auto mb-20 mw-600 d-flex" href="/quiz/economics-news" data-testid="QuizLink"><img loading="lazy" src="https://cdn.britannica.com/37/129537-131-759449E7/stock-market-ticker-blog-society-history-wall-2009.jpg" alt="green and blue stock market ticker stock ticker. Hompepage blog 2009, history and society, financial crisis wall street markets finance stock exchange" data-testid="IrisImage" class="rounded-sm mr-15"/><div class="d-flex flex-column font-weight-semi-bold font-sans-serif"><div class="QuizLink_quizLinkCategory__8kTHA font-14 text-white rounded-sm bg-green">Britannica Quiz</div><div class="QuizLink_quizLinkTitle__OjAOH mt-5">Economics News</div></div></a><section class="HTMLContent_HTMLContent__cOyPs" data-testid="HTMLContent"><p>An important point in Veblen’s analysis is the recognition that all goods have elements of serviceability and waste. Examples of conspicuous consumption are wearing fur coats and diamonds and driving expensive cars. However, the dichotomy that Veblen draws between the honorific aspects of such goods and those that further the “life process” implies that all goods possess these dual characteristics; they have both serviceable and honorific elements. For example, the fact that one drives a car implies that one is wealthy enough not to have to take <a href="/topic/mass-transit">public transportation</a>, but a luxury automobile conveys still-higher status in society, because it shows that one does not have to take public transportation or drive an economy car.</p><!--[P-4]--></section><span class="Signature_signature__PzeTY d-block border-left font-italic pb-5 pl-10 mt-10 font-14" data-testid="Signature"><a href="/money/author/Ronnie-J-Phillips/9433392">Ronnie J. Phillips</a></span><span class="Signature_signature__PzeTY d-block border-left font-italic pb-5 pl-10 mt-10 font-14" data-testid="Signature"><a href="/money/author/The-Editors-of-Encyclopaedia-Britannica/4419">The Editors of Encyclopaedia Britannica</a></span><section class="HTMLContent_HTMLContent__cOyPs" data-testid="HTMLContent"><h2 class="h2">References</h2><span id="ref133666-references"/></section><section class="HTMLContent_HTMLContent__cOyPs" data-testid="HTMLContent"><p><span class="text-smallcaps">Laurie Simon Bagwell</span> and <span class="text-smallcaps">B. Douglas Bernheim</span>, “Veblen Effects in a Theory of Conspicuous Consumption,” <em>The American Economic Review</em>, 86(3):349–373 (1996); <span class="text-smallcaps">Harvey Leibenstein</span>, “Bandwagon, Snob, and Veblen Effects in the Theory of Consumers’ Demand,” in <span class="text-smallcaps">Rick Tilman</span> (ed.), <em>The Legacy of Thorstein Veblen</em> (2003), vol. 1, pp. 321–345; <span class="text-smallcaps">Roger Mason</span>, <em>The Economics of Conspicuous Consumption: Theory and Thought Since 1700</em> (1998); and <span class="text-smallcaps">Ronnie J. Phillips</span> and <span class="text-smallcaps">Daniel J. Slottje</span>, “The Importance of Relative Prices in Analyzing Veblen Effects,” <em>Journal of Economic Issues</em>, 17(1):197–206 (1983).</p><!--[P-5]--></section><span class="Signature_signature__PzeTY d-block border-left font-italic pb-5 pl-10 mt-10 font-14" data-testid="Signature"><a href="/money/author/Ronnie-J-Phillips/9433392">Ronnie J. 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Due diligence starts with fundamental analysis: Earnings and earnings ratios, financial statements, growth and growth potential, and the competitive environment.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Fundamental-Analysis\",\"url\":\"/money/browse/Fundamental-Analysis\"},{\"id\":13115,\"parentId\":13100,\"title\":\"Markets \u0026 Regulation\",\"description\":\"Modern financial markets are relatively easy to navigate, but amazingly complex when you dig beneath the surface. Learn how markets work, who the players are, how money and securities change hands, and how the system is regulated.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Markets-Regulation\",\"url\":\"/money/browse/Markets-Regulation\"},{\"id\":13116,\"parentId\":13100,\"title\":\"Portfolio Management\",\"description\":\"Your portfolio is the amalgamation of all your assets—stocks, bonds, real estate, the funds in your 401(k), and your cash. A well-managed portfolio will aim for solid long-term returns—adjusted for your risk tolerance and time horizon—and will shift along with your changing objectives.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Portfolio-Management\",\"url\":\"/money/browse/Portfolio-Management\"},{\"id\":13117,\"parentId\":13100,\"title\":\"Stocks \u0026 Indexes\",\"description\":\"A stock represents partial ownership of a company, and a stock index tracks a basket of stocks of different companies. Learn the ins and outs of the stock market, the 11 sectors within it, and the various indexes that measure its overall performance.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Stocks-Indexes\",\"url\":\"/money/browse/Stocks-Indexes\"}]},{\"category\":{\"id\":13400,\"parentId\":13000,\"title\":\"Trading\",\"description\":\"Trading is the short-term buying and selling of stocks, commodities, options, cryptocurrencies, and other securities. Trading has different objectives and strategies than long-term investing. Traders use technical analysis, buy and sell on margin, and look to capture price inefficiencies.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Trading\",\"url\":\"/money/browse/Trading\"},\"subcategories\":[{\"id\":13401,\"parentId\":13400,\"title\":\"Crypto \u0026 Foreign Exchange\",\"description\":\"Active trading in foreign exchange (“forex”) has been around for decades, while cryptocurrencies are relative newcomers. Both track the relative value of currencies or cryptocurrencies: dollars, euro, yen, and pounds as well as Bitcoin, Ethereum, Solana, and Dogecoin.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Crypto-Foreign-Exchange\",\"url\":\"/money/browse/Crypto-Foreign-Exchange\"},{\"id\":13402,\"parentId\":13400,\"title\":\"Futures \u0026 Margin Trading\",\"description\":\"Futures contracts allow traders and investors to speculate on the direction of—and hedge underlying positions in—stock indexes, interest rates, commodities, precious metals, and more.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Futures-Margin-Trading\",\"url\":\"/money/browse/Futures-Margin-Trading\"},{\"id\":13403,\"parentId\":13400,\"title\":\"Options Trading\",\"description\":\"Options are derivative contracts that give the buyer the right to buy or sell a security at a specific price. Options can be flexible and capital efficient. But understanding the math behind them, plus the lingo, strategies, and risk parameters, requires some training.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Options-Trading\",\"url\":\"/money/browse/Options-Trading\"},{\"id\":13404,\"parentId\":13400,\"title\":\"Technical Analysis\",\"description\":\"Is there predictive power in price and volume data? Technical analysts watch the charts, look for patterns, and use a blend of art and science to try to optimize the timing and price levels for buy and sell orders.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Technical-Analysis\",\"url\":\"/money/browse/Technical-Analysis\"},{\"id\":13405,\"parentId\":13400,\"title\":\"Trading Strategy\",\"description\":\"Active trading requires some specialized skill—and a special mindset. Learn how to manage capital and trading positions, as well as emotions and biases. \",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Trading-Strategy\",\"url\":\"/money/browse/Trading-Strategy\"}]},{\"category\":{\"id\":13200,\"parentId\":13000,\"title\":\"Retirement\",\"description\":\"We all dream of a comfortable retirement. Learn all about the various retirement savings accounts and how to maximize them. Careful planning of your retirement income, budget, and lifestyle can help make sure you don't outlive your money.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"retirement\",\"url\":\"/money/browse/retirement\"},\"subcategories\":[{\"id\":13201,\"parentId\":13200,\"title\":\"Defined Contribution Plans\",\"description\":\"401(k) plans and individual retirement accounts (IRAs) are examples of defined contribution plans. You decide how much to contribute, and those savings are invested to compound and (hopefully) capture market earnings. Learn about traditional, Roth, SEP, and SIMPLE plans, as well as 403(b), 457, and solo 401(k) plans.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Defined-Contribution-Plans\",\"url\":\"/money/browse/Defined-Contribution-Plans\"},{\"id\":13202,\"parentId\":13200,\"title\":\"Estate Planning\",\"description\":\"Estate planning isn't just for the wealthy. Pretty much anyone with assets, families, and even pets should have plans in place—just in case.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Estate-Planning\",\"url\":\"/money/browse/Estate-Planning\"},{\"id\":13203,\"parentId\":13200,\"title\":\"Pensions \u0026 Annuities\",\"description\":\"An annuity is a series of payments made at fixed, regular intervals. Defined benefit plans (such as government and company pension plans) are one type of annuity. Insurance companies also sell annuity products that are designed to offer predictable income streams in retirement. But fair warning: they're complex.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Pensions-Annuities\",\"url\":\"/money/browse/Pensions-Annuities\"},{\"id\":13204,\"parentId\":13200,\"title\":\"Retirement Living\",\"description\":\"Throughout your career, you've been looking forward to retirement. But once you're there, you have a brand new set of decisions to make: travel, budgeting, tackling the bucket list, and maybe even taking on a new job or side hustle. Retirement living: It's a new beginning.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Retirement-Living\",\"url\":\"/money/browse/Retirement-Living\"},{\"id\":13205,\"parentId\":13200,\"title\":\"Retirement Planning\",\"description\":\"Are you expecting a long and comfortable retirement? Plan ahead. Will your savings and income streams support all your dreams for your golden years? And do you have contingency plans in case things change? Learn how to plan and strategize for retirement.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Retirement-Planning\",\"url\":\"/money/browse/Retirement-Planning\"},{\"id\":13206,\"parentId\":13200,\"title\":\"Social Security \u0026 Medicare\",\"description\":\"Most of us pay into Social Security and Medicare throughout our working lives; in retirement, we receive benefits. But to get the most out of these two government programs—and tailor them to your personal situation—you need to learn how they work.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Social-Security-Medicare\",\"url\":\"/money/browse/Social-Security-Medicare\"}]},{\"category\":{\"id\":13700,\"parentId\":13000,\"title\":\"Companies\",\"description\":\"The Global Industry Classification Standard (GICS) places companies into eleven sectors: Communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Companies\",\"url\":\"/money/browse/Companies\"},\"subcategories\":[{\"id\":13709,\"parentId\":13700,\"title\":\"Communication Services\",\"description\":\"Communication services, added in 2018, includes traditional and social media, web platforms, video game makers, and telecom providers. Companies include AT\u0026T, Netflix, Facebook parent Meta, and Google parent Alphabet.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Communication-Services\",\"url\":\"/money/browse/Communication-Services\"},{\"id\":13704,\"parentId\":13700,\"title\":\"Consumer Discretionary\",\"description\":\"Discretionary companies - autos, travel and entertainment companies, apparel makers, and e-commerce - tend to rise and fall with the consumer economy. Companies include Ford, Nike, Disney, McDonald’s, and Amazon.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Consumer-Discretionary\",\"url\":\"/money/browse/Consumer-Discretionary\"},{\"id\":13705,\"parentId\":13700,\"title\":\"Consumer Staples\",\"description\":\"Staples are everyday products such as toothpaste, detergent, food and beverages, groceries, and beauty supplies. Companies include Costco, Walmart, Coca-Cola, and Procter \u0026 Gamble.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Consumer-Staples\",\"url\":\"/money/browse/Consumer-Staples\"},{\"id\":13701,\"parentId\":13700,\"title\":\"Energy\",\"description\":\"The energy sector, which includes oil and gas producers, pipeline builders, and refineries, tends to follow commodities. Companies include ExxonMobil, Halliburton, Chevron, Occidental, and ConocoPhillips.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Energy\",\"url\":\"/money/browse/Energy\"},{\"id\":13707,\"parentId\":13700,\"title\":\"Financials\",\"description\":\"The financials sector includes insurance, commercial and investment banks, brokers, and credit card and payment providers. Companies include JPMorganChase, PayPal, Allstate, Visa, BlackRock, and Goldman Sachs.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Financials\",\"url\":\"/money/browse/Financials\"},{\"id\":13706,\"parentId\":13700,\"title\":\"Health Care\",\"description\":\"The health care sector includes pharmaceuticals, medical devices, biotechnology, and health insurance companies. Top names include Pfizer, UnitedHealth, Medtronic, and Johnson \u0026 Johnson.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Health-Care\",\"url\":\"/money/browse/Health-Care\"},{\"id\":13703,\"parentId\":13700,\"title\":\"Industrials\",\"description\":\"The industrials sector includes construction, agricultural machinery, airplanes, defense (weapons) contractors, railroads, and delivery companies. Top names include Lockheed Martin, Boeing, Caterpillar, FedEx, 3M, and CSX.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Industrials\",\"url\":\"/money/browse/Industrials\"},{\"id\":13708,\"parentId\":13700,\"title\":\"Information Technology\",\"description\":\"The growth-oriented tech sector makes and services semiconductors, cell phones, computer hardware and software, and services such as cloud computing. Companies include Apple, Microsoft, NVIDIA, and Cisco.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Information-Technology\",\"url\":\"/money/browse/Information-Technology\"},{\"id\":13702,\"parentId\":13700,\"title\":\"Materials\",\"description\":\"The materials sector includes agricultural services, miners, and makers of paper, steel, and chemicals. Typically growth-oriented dividend payers, companies include International Paper, Alcoa, Dow, Freeport-McMoRan, and Newmont.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Materials\",\"url\":\"/money/browse/Materials\"},{\"id\":13710,\"parentId\":13700,\"title\":\"Utilities\",\"description\":\"Known for stability and a history of solid dividends, the utilities sector includes electricity providers, nuclear power companies, and waste haulers. Companies include NextEra, Waste Management, and Duke Energy.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Utilities\",\"url\":\"/money/browse/Utilities\"}]},{\"category\":{\"id\":13600,\"parentId\":13000,\"title\":\"Biographies\",\"description\":\"Behind all the great ideas, philosophies, inventions, and industries are people who create, cultivate, and lead. Learn about the entrepreneurs, financiers, business executives, and economic thought leaders who shaped the world of money and finance.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Biographies\",\"url\":\"/money/browse/Biographies\"},\"subcategories\":[{\"id\":13601,\"parentId\":13600,\"title\":\"Bankers \u0026 Financiers\",\"description\":\"Learn about the bankers, financiers, and other facilitators of capital market growth throughout history - those who underwrote the industrial revolution, the building of railroads and automobiles, and today’s technology platforms.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Bankers-Financiers\",\"url\":\"/money/browse/Bankers-Financiers\"},{\"id\":13602,\"parentId\":13600,\"title\":\"Business Executives\",\"description\":\"Learn about the men \u0026 women who helped - and are helping - shape global corporations, private businesses, sports teams, \u0026 technology start-ups.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Businesspeople-Executives\",\"url\":\"/money/browse/Businesspeople-Executives\"},{\"id\":13603,\"parentId\":13600,\"title\":\"Economists\",\"description\":\"Learn about the academics, researchers, statisticians, and policymakers who shaped the economy—plus the thought leadership, models, formulas, and philosophies they crafted and implemented.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Economists\",\"url\":\"/money/browse/Economists\"},{\"id\":13604,\"parentId\":13600,\"title\":\"Entrepreneurs\",\"description\":\"Entrepreneurs bear the economic uncertainties and risks of starting and running new businesses to generate profit and economic value. Learn about these industrialists, number crunchers, and technology innovators.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Entrepreneurs\",\"url\":\"/money/browse/Entrepreneurs\"}]},{\"category\":{\"id\":13500,\"parentId\":13000,\"title\":\"Finance \u0026 the Economy\",\"description\":\"Explore the full spectrum of finance and economics, from historical frameworks to contemporary topics. This includes business management, marketing, accounting, taxation, governmental policies, and international trade dynamics.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"history-and-theory\",\"url\":\"/money/browse/history-and-theory\"},\"subcategories\":[{\"id\":13501,\"parentId\":13500,\"title\":\"Accounting \u0026 Taxes\",\"description\":\"Accounting (evaluating and keeping track of the financial affairs of an organization) and taxation (levies on individuals and entities by governments) have plenty of complex terms, procedures, and jargon.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Accounting-Taxes\",\"url\":\"/money/browse/Accounting-Taxes\"},{\"id\":13502,\"parentId\":13500,\"title\":\"Business \u0026 Marketing\",\"description\":\"Learn about the different types of companies and business structures, as well as sales, advertising, and other facets of marketing.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Business-Marketing\",\"url\":\"/money/browse/Business-Marketing\"},{\"id\":13503,\"parentId\":13500,\"title\":\"Currencies\",\"description\":\"Explore the world of foreign exchange, from precious metals and ancient coins to currencies in circulation today—including cryptocurrency, the newest form of money.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Currencies\",\"url\":\"/money/browse/Currencies\"},{\"id\":13504,\"parentId\":13500,\"title\":\"Economic Concepts\",\"description\":\"Economic terms and concepts include microeconomics (supply and demand, consumption and production by individuals) and macroeconomics (the study of aggregate economies and trade).\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Economic-Concepts\",\"url\":\"/money/browse/Economic-Concepts\"},{\"id\":13505,\"parentId\":13500,\"title\":\"Economic History\",\"description\":\"Throughout the centuries, economic cycles have gone from recession and depression to bull market bubbles—and back again. 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The American economist and sociologist \u003cspan id=\"ref1200968\" /\u003e\u003ca href=\"/money/Thorstein-Veblen\"\u003eThorstein Veblen\u003c/a\u003e coined the term in his book \u003cem\u003e\u003cspan id=\"ref1200969\" /\u003e\u003ca href=\"/topic/The-Theory-of-the-Leisure-Class\"\u003eThe Theory of the Leisure Class\u003c/a\u003e\u003c/em\u003e (1899). The concept of conspicuous consumption can be illustrated by considering the motivation to drive a luxury car rather than an economy car. Any make of car provides transport to a destination, but the use of a luxury car additionally draws attention to the apparent affluence of the driver. The benefit of conspicuous consumption can be situated within the idea, postulated by economists, that consumers derive “utility” from the consumption of goods. Veblen identified two distinct characteristics of goods as providing utility. The first is what he called the “serviceability” of the good—in other words, that the good gets the job done (e.g., luxury and economy cars are equally able to get to a given destination). The other characteristic of a good is what Veblen called its “honorific” aspect. Driving a luxury car shows that the consumer can afford to drive an automobile that others may admire; that admiration comes not primarily from the car’s ability to get the job done but from the visible evidence of wealth it provides. The vehicle is thus an outward display of one’s status in society.\u003c/p\u003e\u003c!--[P-1]--\u003e\u003cp\u003eA corollary of the dual characteristics of goods is that such conspicuous consumption is “waste.” In using this term to describe what might usually be termed “excess,” Veblen was not making a judgment that the good is unneeded by society but rather was using \u003cem\u003ewaste\u003c/em\u003e as a technical term indicating that the production of a luxury good requires more resources than the production of a nonluxury good. The difference Veblen would label waste, but this does not mean that luxury goods should not be produced.\u003c/p\u003e\u003c!--[P-2]--\u003e\u003cp\u003eThe core of Veblen’s analysis of modern society was the fact that on the one hand there is enormous technological potential to produce goods, and on the other hand \u003ca href=\"/money/business-organization\"\u003ebusiness enterprise\u003c/a\u003e constrains the amount produced to that which can be profitably sold. A hypothetical journey from \u003ca href=\"/place/New-York-City\"\u003eNew York City\u003c/a\u003e to Boston, for example, could be accomplished by any ordinary automobile. To sell more luxurious cars, an enterprise must continually expand consumers’ wants. In Veblen’s view the function of \u003ca href=\"/money/advertising\"\u003eadvertising\u003c/a\u003e is to create a desire among consumers for goods whose usage displays status and prestige. The gulf between the wants of consumers and the productive potential of technology is reduced through advertising. It is for this reason that Veblen viewed advertising as waste but waste that is intrinsic to a modern economy based on the principles of profit-making business enterprises.\u003c/p\u003e\u003c!--[P-3]--\u003e"])</script><script>self.__next_f.push([1,"7:[\"$\",\"$L19\",null,{\"initialArticle\":{\"contentInfo\":{\"contentId\":\"1-133666-1\",\"browserTitle\":\"Conspicuous consumption | Economics \u0026 Social Impact\",\"metaDescription\":null,\"description\":\"conspicuous consumption, term in economics that describes and explains the practice by consumers of using goods of a higher quality or in greater quantity than might be considered necessary in practical terms. 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The American economist and sociologist Thorstein Veblen coined the term in his book The\"},\"pageComponents\":[{\"type\":\"QUICK_FACTS_MODULE\",\"position\":0,\"content\":{\"images\":null,\"anthems\":[],\"facts\":[[{\"title\":\"Key People:\",\"contents\":[\"\u003ca href=\\\"/money/Thorstein-Veblen\\\" topicid=\\\"624279\\\"\u003eThorstein Veblen\u003c/a\u003e\"]}]]}},{\"type\":\"HTML\",\"content\":\"$1a\"},{\"type\":\"QUIZ_MODULE\",\"position\":3,\"link\":{\"title\":\"Economics News\",\"url\":\"/quiz/economics-news\",\"description\":\"What is \\\"The Great Moderation\\\"? Which country in Europe doesn’t use the euro? 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However, the dichotomy that Veblen draws between the honorific aspects of such goods and those that further the “life process” implies that all goods possess these dual characteristics; they have both serviceable and honorific elements. For example, the fact that one drives a car implies that one is wealthy enough not to have to take \u003ca href=\\\"/topic/mass-transit\\\"\u003epublic transportation\u003c/a\u003e, but a luxury automobile conveys still-higher status in society, because it shows that one does not have to take public transportation or drive an economy car.\u003c/p\u003e\u003c!--[P-4]--\u003e\"},{\"type\":\"SIGNATURE\",\"editor\":false,\"link\":{\"title\":\"Ronnie J. 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Douglas Bernheim\u003c/span\u003e, “Veblen Effects in a Theory of Conspicuous Consumption,” \u003cem\u003eThe American Economic Review\u003c/em\u003e, 86(3):349–373 (1996); \u003cspan class=\\\"text-smallcaps\\\"\u003eHarvey Leibenstein\u003c/span\u003e, “Bandwagon, Snob, and Veblen Effects in the Theory of Consumers’ Demand,” in \u003cspan class=\\\"text-smallcaps\\\"\u003eRick Tilman\u003c/span\u003e (ed.), \u003cem\u003eThe Legacy of Thorstein Veblen\u003c/em\u003e (2003), vol. 1, pp. 321–345; \u003cspan class=\\\"text-smallcaps\\\"\u003eRoger Mason\u003c/span\u003e, \u003cem\u003eThe Economics of Conspicuous Consumption: Theory and Thought Since 1700\u003c/em\u003e (1998); and \u003cspan class=\\\"text-smallcaps\\\"\u003eRonnie J. Phillips\u003c/span\u003e and \u003cspan class=\\\"text-smallcaps\\\"\u003eDaniel J. Slottje\u003c/span\u003e, “The Importance of Relative Prices in Analyzing Veblen Effects,” \u003cem\u003eJournal of Economic Issues\u003c/em\u003e, 17(1):197–206 (1983).\u003c/p\u003e\u003c!--[P-5]--\u003e\"},{\"type\":\"SIGNATURE\",\"editor\":false,\"link\":{\"title\":\"Ronnie J. 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