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What Is Conspicuous Consumption, and Why Does Veblen Believe People

question 43

Essay

What is conspicuous consumption, and why does Veblen believe people engage in it? According to Veblen, what social circumstances make it more likely for someone to consume conspicuously? Do you think he is correct? In your response, refer to an example of conspicuous consumption that you or someone you know has engaged in.


Definitions:

Valid Consideration

Something of legally sufficient value that is exchanged between parties in a contract, forming the basis for the agreement.

Contract

A legally-binding agreement between two or more parties that outlines obligations and rights of the parties.

Holder in Due Course

A party possessing a negotiable instrument (like a check) in good faith and for value, with certain protections against claims and defenses.

Payable to Cash

A term indicating that a check or other document is made out to "Cash" instead of a specific payee, allowing anyone who holds it to cash it.

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