What is Veblen's theory of conspicuous consumption?
Conspicuous consumption, as I articulated it, is the practice of purchasing and displaying goods and services not for their intrinsic utility but to demonstrate wealth and social standing. This behavior arises from a desire for reputability, where one's perceived worth is tied to what one possesses and displays. It's a key mechanism by which the leisure class maintains its status and influences the consumption patterns of those below them in the social hierarchy.
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