I believe we are seeing the twilight of the era of conspicuous consumption.
Beyoncé’s Birthing Suite Is Nicer Than My Apartment
Pointers from Tyler Cowen and Glenn Reynolds, respectively.
Jan 16 2012
C. Fred Bergsten and Jacob Funk Kirkegaard (BK) write, There are only two alternatives. Europe can jettison the monetary union. Or it can adopt a complementary economic union. This brief argues that, for all the turmoil, Europe is well on its way to completing the original concept of a comprehensive economic and monet...
Jan 16 2012
You may recall that I wrote an article proposing that the executive branch of the government be re-organized. Coincidentally, President Obama asked for the power to reorganize and made an initial suggestion related to commerce. It seems to me to be something that is worth a shot. People say that you cannot run gover...
Jan 16 2012
Richard Bookstaber writes, I believe we are seeing the twilight of the era of conspicuous consumption. Jessica Wakeman writes, Beyoncé's Birthing Suite Is Nicer Than My Apartment Pointers from Tyler Cowen and Glenn Reynolds, respectively.
READER COMMENTS
Keith
Jan 16 2012 at 11:37am
All life consumes to live and lives to consume.
Since humanity is sufficiently productive that our basic consumption needs to live can be supplied by very few, the vast majority of us will be focused on producing (and consuming) not what we absolutely have to have to live but what we want: all the things and experiences that make life a more enjoyable experience.
Glen S. McGhee
Jan 16 2012 at 11:59am
“[T]wilight of the era of conspicuous consumption” ? I doubt it.
The story of Capitalism is the story of conspicuous consumption (Veblen), to one degree or another. How else do we explain the demand for stuff (that we don’t need)? Capitalism’s expansion depends upon it; so, if this is coming to an end, then so is capitalism.
Vadim
Jan 16 2012 at 6:33pm
Capitalism? Try humanity. Even hunter-gatherer societies have positional goods.
Kevin
Jan 16 2012 at 10:38pm
Every so often confirmation bias makes the Bookstabers of the world conclude that reality has finally come to the realization that it needs to make some changes in the way it does things. Then someone like Beyonce comes along to remind Richard how the world really works. And hundreds of media outlets then validate the conspicuousness of the consumption. It’s a beautiful thing, in a way.
Mr. Econotarian
Jan 17 2012 at 1:58am
Let me know when the hip-hop videos show people performing charity or other public-minded pursuits rather than drinking overpriced vodka to obtain fashionable club seating and “making it rain”.
(Public Enemy of course did have a brief time in the limelight, but today’s artists would prefer to fly in their G6).
(and Keynes vs Hayek videos don’t count either 🙂
Tracy W
Jan 18 2012 at 8:48am
Judging by the birthing suite photo, Bookstaber is right. It looks like a nice room, but where is the gold-gilding? The pearls sowen into the wall-hangings? The hand-embroidered wall-hanging? The ceiling painting by Damien Hirst? The hand-carved bed frame?
I’ve seen royal and ducal palaces in Europe- that’s conspicuous consumption. Modern elite just aren’t on that scale.
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