Conspicuous Consumption.
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Check Point: Conspicuous Consumption.
Read: Go to Modern History Sourcebook: Thorstein Veblen: Conspicuous Consumption, 1902: http://www.fordham.edu/Halsall/mod/1902veblen00.html and read what Veblen has to say about conspicuous consumption. You may also want to check out “Conspicuous Consumption” at http://www.absoluteastronomy.com/topics/Conspicuous_consumption
Post: your answer the following questions:
According to Veblen, what is conspicuous consumption?
Do you agree with Veblen that conspicuous consumption exists? Why or why not?
If Veblen is correct and conspicuous consumption exists, then what role does price have in determining marginal utility?
Whether or not you agree it exists, does the existence of conspicuous consumption negate the chapter analysis about maximizing total utility? Why or why not?
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