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Conspicuous consumption

Index Conspicuous consumption

Conspicuous consumption is the spending of money on and the acquiring of luxury goods and services to publicly display economic power—of the income or of the accumulated wealth of the buyer. [1]

97 relations: Advertising, Affluenza, Amitai Etzioni, Anonymity, Anti-consumerism, Anti-social behaviour, Arthur Cecil Pigou, Behavioral addiction, Bling-bling, Capital accumulation, Charity (practice), Choice-supportive bias, Class consciousness, Commodity fetishism, Communitarianism, Commuting, Conspicuous conservation, Conspicuous leisure, Consumer, Consumerism, Deadweight loss, Dick Meyer, Disposable and discretionary income, Economic inequality, Economic materialism, Economic power, Economics, Egalitarianism, Elitism, Emerging markets, Envy, Externality, Frugality, Giffen good, Goods and services, Handicap principle, Haul video, Hedonism, Hoarding, Honour, Income distribution, Income tax, Incomes policy, Industrial Age, Jean Baudrillard, John Stuart Mill, Journal of Public Economics, Keeping up with the Joneses, Lesson of the widow's mite, Luxury goods, ..., Luxury tax, Market failure, Marketing, MarketWatch, Middle class, Mottainai, Narcissism, New Testament, Nouveau riche, Nuclear family, Paul Nystrom, Personal identity, Pigovian tax, Positional good, Potlatch, Power (social and political), Progressive tax, Quarterly Journal of Economics, Redistribution of income and wealth, Reputation, Robert H. Frank, Sales tax, Second Industrial Revolution, Sign value, Signalling theory, Simple living, Social alienation, Social class, Social status, Social welfare function, Sociology, Sport utility vehicle, Standard of living, Station wagon, Status Anxiety, Status symbol, Structural functionalism, Sumptuary law, Superior good, The American Economic Review, The Millionaire Next Door, The Theory of the Leisure Class, Thorstein Veblen, Upper class, Utility, Veblen good, Zero-sum game. Expand index (47 more) »

Advertising

Advertising is an audio or visual form of marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or idea.

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Affluenza

Affluenza, a portmanteau of affluence and influenza, is a term used by critics of consumerism.

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Amitai Etzioni

Amitai Etzioni (born Werner Falk, 4 January 1929) is an Israeli-American sociologist, best known for his work on socioeconomics and communitarianism.

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Anonymity

Anonymity, adjective "anonymous", is derived from the Greek word ἀνωνυμία, anonymia, meaning "without a name" or "namelessness".

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Anti-consumerism

Anti-consumerism is a sociopolitical ideology that is opposed to consumerism, the continual buying and consuming of material possessions.

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Anti-social behaviour

Anti-social behaviours are actions that harm or lack consideration for the well-being of others.

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Arthur Cecil Pigou

Arthur Cecil Pigou (18 November 1877 – 7 March 1959) was an English economist.

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Behavioral addiction

Behavioral addiction is a form of addiction that involves a compulsion to engage in a rewarding non-drug-related behavior – sometimes called a natural reward – despite any negative consequences to the person's physical, mental, social or financial well-being.

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Bling-bling

Bling-bling is a slang term popularized in hip hop culture, referring to flashy, ostentatious, or elaborate jewelry and ornamented accessories that are carried, worn, or installed, such as cell phones or tooth caps.

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Capital accumulation

Capital accumulation (also termed the accumulation of capital) is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains.

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Charity (practice)

The practice of charity means the voluntary giving of help to those in need, as a humanitarian act.

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Choice-supportive bias

In cognitive science, choice-supportive bias or post-purchase rationalization is the tendency to retroactively ascribe positive attributes to an option one has selected.

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Class consciousness

In political theory and particularly Marxism, class consciousness is the set of beliefs that a person holds regarding their social class or economic rank in society, the structure of their class, and their class interests.

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Commodity fetishism

In Karl Marx's critique of political economy, commodity fetishism is the perception of the social relationships involved in production, not as relationships among people, but as economic relationships among the money and commodities exchanged in market trade.

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Communitarianism

Communitarianism is a philosophy that emphasizes the connection between the individual and the community.

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Commuting

Commuting is periodically recurring travel between one's place of residence and place of work, or study, and in doing so exceed the boundary of their residential community.

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Conspicuous conservation

Conspicuous conservation is an idea that grew out of conspicuous consumption.

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Conspicuous leisure

Conspicuous leisure is a concept introduced by the American economist and sociologist Thorstein Veblen, in The Theory of the Leisure Class (1899).

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Consumer

A consumer is a person or organization that use economic services or commodities.

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Consumerism

Consumerism is a social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amounts.

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Deadweight loss

A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.

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Dick Meyer

Dick Meyer is the Chief Washington Correspondent for the Scripps Washington Bureau and the author of Why We Hate Us: American Discontent in the New Millennium.

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Disposable and discretionary income

Disposable income is total personal income minus personal current taxes.

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Economic inequality

Economic inequality is the difference found in various measures of economic well-being among individuals in a group, among groups in a population, or among countries.

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Economic materialism

Materialism is a personal attitude which attaches importance to acquiring and consuming material goods.

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Economic power

Economists use several concepts featuring the word "power".

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Egalitarianism

Egalitarianism – or equalitarianism – is a school of thought that prioritizes equality for all people.

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Elitism

Elitism is the belief or attitude that individuals who form an elite — a select group of people with a certain ancestry, intrinsic quality, high intellect, wealth, special skills, or experience — are more likely to be constructive to society as a whole, and therefore deserve influence or authority greater than that of others.

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Emerging markets

An emerging market is a country that has some characteristics of a developed market, but does not meet standards to be a developed market.

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Envy

Envy (from Latin invidia) is an emotion which "occurs when a person lacks another's superior quality, achievement, or possession and either desires it or wishes that the other lacked it".

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Externality

In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.

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Frugality

Frugality is the quality of being frugal, sparing, thrifty, prudent or economical in the consumption of consumable resources such as food, time or money, and avoiding waste, lavishness or extravagance.

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Giffen good

In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.

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Goods and services

Goods are items that are tangible, such as pens, salt, apples, oganesson, and hats.

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Handicap principle

The handicap principle is a hypothesis originally proposed in 1975 by Israeli biologist Amotz Zahavi to explain how evolution may lead to "honest" or reliable signaling between animals which have an obvious motivation to bluff or deceive each other.

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Haul video

A haul video is a video recording, posted to the Internet, which displays items recently purchased, including product details or even the price.

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Hedonism

Hedonism is a school of thought that argues that the pursuit of pleasure and intrinsic goods are the primary or most important goals of human life.

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Hoarding

Hoarding is a behavior where people or animals accumulate food or other items.

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Honour

Honour (or honor in American English, note) is the idea of a bond between an individual and a society, as a quality of a person that is both of social teaching and of personal ethos, that manifests itself as a code of conduct, and has various elements such as valor, chivalry, honesty, and compassion.

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Income distribution

In economics, income distribution is how a nation’s total GDP is distributed amongst its population.

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Income tax

An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income).

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Incomes policy

Incomes policies in economics are economy-wide wage and price controls, most commonly instituted as a response to inflation, and usually seeking to establish wages and prices below free market level.

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Industrial Age

The Industrial Age is a period of history that encompasses the changes in economic and social organization that began around 1760 in Great Britain and later in other countries, characterized chiefly by the replacement of hand tools with power-driven machines such as the power loom and the steam engine, and by the concentration of industry in large establishments.

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Jean Baudrillard

Jean Baudrillard (27 July 1929 – 6 March 2007) was a French sociologist, philosopher, cultural theorist, political commentator, and photographer.

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John Stuart Mill

John Stuart Mill, also known as J.S. Mill, (20 May 1806 – 8 May 1873) was a British philosopher, political economist, and civil servant.

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Journal of Public Economics

The Journal of Public Economics is a monthly peer-reviewed academic journal covering public economics, with particular emphasis on the application of modern economic theory and methods of quantitative analysis.

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Keeping up with the Joneses

Keeping up with the Joneses is an idiom in many parts of the English-speaking world referring to the comparison to one's neighbor as a benchmark for social class or the accumulation of material goods.

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Lesson of the widow's mite

The Lesson of the widow's mite is presented in the Synoptic Gospels, in which Jesus is teaching at the Temple in Jerusalem.

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Luxury goods

In economics, a luxury good (or upmarket good) is a good for which demand increases more than proportionally as income rises, and is a contrast to a "necessity good", where demand increases proportionally less than income.

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Luxury tax

A luxury tax is a tax on luxury goods: products not considered essential.

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Market failure

In economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

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Marketing

Marketing is the study and management of exchange relationships.

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MarketWatch

MarketWatch operates a financial information website that provides business news, analysis, and stock market data.

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Middle class

The middle class is a class of people in the middle of a social hierarchy.

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Mottainai

Mottainai is a term of Japanese origin that has been used by environmentalists.

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Narcissism

Narcissism is the pursuit of gratification from vanity or egotistic admiration of one's own attributes.

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New Testament

The New Testament (Ἡ Καινὴ Διαθήκη, trans. Hē Kainḕ Diathḗkē; Novum Testamentum) is the second part of the Christian biblical canon, the first part being the Old Testament, based on the Hebrew Bible.

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Nouveau riche

"Nouveau riche" (French: 'new rich') is a term, usually derogatory, to describe those whose wealth has been acquired within their own generation, rather than by familial inheritance.

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Nuclear family

A nuclear family, elementary family or conjugal family is a family group consisting of two parents and their children (one or more).

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Paul Nystrom

Paul Henry Nystrom (January 25, 1878 – August 17, 1969) was an American economist, and professor of marketing at Columbia University.

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Personal identity

In philosophy, the matter of personal identity deals with such questions as, "What makes it true that a person at one time is the same thing as a person at another time?" or "What kinds of things are we persons?" Generally, personal identity is the unique numerical identity of a person in the course of time.

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Pigovian tax

A Pigovian tax (also spelled Pigouvian tax) is a tax on any market activity that generates negative externalities (costs not included in the market price).

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Positional good

Positional goods are goods valued only by how they are distributed among the population, not by how many goods there are in total.

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Potlatch

A potlatch is a gift-giving feast practiced by indigenous peoples of the Pacific Northwest Coast of Canada and the United States,Harkin, Michael E., 2001, Potlatch in Anthropology, International Encyclopedia of the Social and Behavioral Sciences, Neil J. Smelser and Paul B. Baltes, eds., vol 17, pp.

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Power (social and political)

In social science and politics, power is the ability to influence or outright control the behaviour of people.

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Progressive tax

A progressive tax is a tax in which the tax rate increases as the taxable amount increases.

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Quarterly Journal of Economics

The Quarterly Journal of Economics is a peer-reviewed academic journal published by the Oxford University Press.

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Redistribution of income and wealth

Redistribution of income and redistribution of wealth are respectively the transfer of income and of wealth (including physical property) from some individuals to others by means of a social mechanism such as taxation, charity, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law.

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Reputation

Reputation or image of a social entity (a person, a social group, or an organization) is an opinion about that entity, typically as a result of social evaluation on a set of criteria.

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Robert H. Frank

Robert Harris Frank (born January 2, 1945) is the Henrietta Johnson Louis Professor of Management and a Professor of Economics at the Samuel Curtis Johnson Graduate School of Management at Cornell University.

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Sales tax

A sales tax is a tax paid to a governing body for the sales of certain goods and services.

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Second Industrial Revolution

The Second Industrial Revolution, also known as the Technological Revolution, was a phase of rapid industrialization in the final third of the 19th century and the beginning of the 20th.

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Sign value

In sociology and in economics, the term sign value denotes and describes the value accorded to an object because of the prestige (social status) that it imparts upon the possessor, rather than the material value and utility derived from the function and the primary use of the object.

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Signalling theory

Within evolutionary biology, signalling theory is a body of theoretical work examining communication between individuals, both within species and across species.

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Simple living

Simple living encompasses a number of different voluntary practices to simplify one's lifestyle.

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Social alienation

Social alienation is "a condition in social relationships reflected by a low degree of integration or common values and a high degree of distance or isolation between individuals, or between an individual and a group of people in a community or work environment".

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Social class

A social class is a set of subjectively defined concepts in the social sciences and political theory centered on models of social stratification in which people are grouped into a set of hierarchical social categories, the most common being the upper, middle and lower classes.

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Social status

Social status is the relative respect, competence, and deference accorded to people, groups, and organizations in a society.

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Social welfare function

In welfare economics, a social welfare function is a function that ranks social states (alternative complete descriptions of the society) as less desirable, more desirable, or indifferent for every possible pair of social states.

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Sociology

Sociology is the scientific study of society, patterns of social relationships, social interaction, and culture.

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Sport utility vehicle

Sport-utility (vehicle), SUV or sport-ute is an automotive classification, typically a kind of station wagon / estate car with off-road vehicle features like raised ground clearance and ruggedness, and available four-wheel drive.

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Standard of living

Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area, usually a country.

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Station wagon

A station wagon, also called an estate car, estate wagon, or simply wagon or estate, is an automotive body-style variant of a sedan/saloon with its roof extended rearward over a shared passenger/cargo volume with access at the back via a third or fifth door (the liftgate or tailgate), instead of a trunk/boot lid.

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Status Anxiety

Status Anxiety is a nonfiction book by Alain de Botton.

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Status symbol

A status symbol is a perceived visible, external denotation of one's social position and perceived indicator of economic or social status.

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Structural functionalism

Structural functionalism, or simply functionalism, is "a framework for building theory that sees society as a complex system whose parts work together to promote solidarity and stability".

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Sumptuary law

Sumptuary laws (from Latin sumptuāriae lēgēs) are laws that attempt to regulate consumption; Black's Law Dictionary defines them as "Laws made for the purpose of restraining luxury or extravagance, particularly against inordinate expenditures in the matter of apparel, food, furniture, etc." Historically, they were laws that were intended to regulate and reinforce social hierarchies and morals through restrictions, often depending upon a person's social rank, on their permitted clothing, food, and luxury expenditures.

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Superior good

Superior goods make up a larger proportion of consumption as income rises, and therefore are a type of normal goods in consumer theory.

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The American Economic Review

The American Economic Review is a peer-reviewed academic journal of economics.

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The Millionaire Next Door

The Millionaire Next Door: The Surprising Secrets of America's Wealthy is a 1996 book by Thomas J. Stanley and William D. Danko.

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The Theory of the Leisure Class

The Theory of the Leisure Class: An Economic Study of Institutions (1899), by Thorstein Veblen, is a treatise on economics and a detailed, social critique of conspicuous consumption, as a function of social class and of consumerism, derived from the social stratification of people and the division of labour, which are the social institutions of the feudal period (9th – 15th centuries) that have continued to the modern era.

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Thorstein Veblen

Thorstein Bunde Veblen (born Torsten Bunde Veblen; July 30, 1857 – August 3, 1929), a Norwegian-American economist and sociologist, became famous as a witty critic of capitalism.

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Upper class

The upper class in modern societies is the social class composed of people who hold the highest social status, and usuall are also the wealthiest members of society, and also wield the greatest political power.

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Utility

Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.

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Veblen good

Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases, an apparent contradiction of the law of demand.

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Zero-sum game

In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in which each participant's gain or loss of utility is exactly balanced by the losses or gains of the utility of the other participants.

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Competitive consumption, Conspicuous Consumption, Conspicuous waste, Invidious consumption, Luxury consumption, Ostentation, Pathological consumption, Pathological purchasing.

References

[1] https://en.wikipedia.org/wiki/Conspicuous_consumption

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