Conspicuous consumption and the positional economy: policy and prescription since 1970

Abstract

Abstract In more recent years, the social significance of consumption has increased to such an extent that activity in the so‐called ‘positional economy’ is now seen to threaten prospects for sustainable, long‐term economic growth. In particular, the demand for status goods, fuelled by conspicuous consumption, has diverted many resources away from investment in the manufacture of more material goods and services in order to satisfy consumer preoccupations with their relative social standing and prestige. This paper looks at the policies and prescriptions which have been proposed in order to reduce levels of ‘conspicuous waste’ in the positional sector, and to redirect resources back into more productive economic activity. Copyright © 2000 John Wiley & Sons, Ltd.

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