A recent study of this phenomenon by Charles, Hurst, and Roussanov has linked it to race, and its equilibrium distribution with respect to pride and envy are determined in a dynamical model by Daniel Friedman. In the work in which it was first introduced, the author describes how "it becomes substantially honorable to itself," and how conformity to ways of living introduces a norm to be satisfied. Elaborated in The Theory of Business Enterprise, it is exemplified by "use of intoxicating beverages," "wearing of liveries," and buying a car simply for its ability to indic
A recent study of this phenomenon by Charles, Hurst, and Roussanov has linked it to race, and its equilibrium distribution with respect to pride and envy are determined in a dynamical model by Daniel Friedman. In the work in which it was first introduced, the author describes how "it becomes substantially honorable to itself," and how conformity to ways of living introduces a norm to be satisfied. Elaborated in The Theory of Business Enterprise, it is exemplified by "use of intoxicating beverages," "wearing of liveries," and buying a car simply for its ability to indicate wealth and status. For 10 points, give this term introduced by Thorstein Veblen to roughly mean lavish spending.
A recent study of this phenomenon by Charles, Hurst, and Roussanov has linked it to race, and its equilibrium distribution with respect to pride and envy are determined in a dynamical model by Daniel Friedman.