The Theory of the Leisure Class

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1. 01

   People buy expensive things not because they are better, but to show they have money.

   The Theory of the Leisure Class · 1899

   Conspicuous consumption replaces utility with the signaling of social status.

   Imagine a classmate who buys a backpack with a huge logo, even though a simple one does the same job. He doesn't buy the backpack to carry books, but to tell everyone: 'Look how rich I am!' Economists call this 'conspicuous consumption'.

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