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Conspicuous Consumption by Definition
[By Dr. David Marcinko MBA and staff reporters]
Conspicuous consumption is a term introduced by the Norwegian-American economist and sociologist Thorstein Veblen in his book “The Theory of the Leisure Class” published in 1899.
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“A Man of Wealth and Taste”
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The term refers to consumers who buy expensive items to display wealth and income rather than to cover the real needs of the consumer. www.HealthDictionarySeries.org
A flashy consumer uses such behavior to maintain or gain higher social status. Most classes have a flashy consumer affect and influence over other classes, seeking to emulate the behavior.
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The result, according to Veblen, is a society characterized by wasted time and money.
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Assessment
Are doctors today, or yesterday, practitioners of this theory?
Conclusion
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