[The Theory of the Leisure Class by Thorstein Veblen]@TWC D-Link bookThe Theory of the Leisure Class CHAPTER Four ~~ Conspicuous Consumption 45/46
For this is the basis of award of the instinct of workmanship, and that instinct is the court of final appeal in any question of economic truth or adequacy.
It is a question as to the award rendered by a dispassionate common sense.
The question is, therefore, not whether, under the existing circumstances of individual habit and social custom, a given expenditure conduces to the particular consumer's gratification or peace of mind; but whether, aside from acquired tastes and from the canons of usage and conventional decency, its result is a net gain in comfort or in the fullness of life. Customary expenditure must be classed under the head of waste in so far as the custom on which it rests is traceable to the habit of making an invidious pecuniary comparison-in so far as it is conceived that it could not have become customary and prescriptive without the backing of this principle of pecuniary reputability or relative economic success. It is obviously not necessary that a given object of expenditure should be exclusively wasteful in order to come in under the category of conspicuous waste.
An article may be useful and wasteful both, and its utility to the consumer may be made up of use and waste in the most varying proportions.
Consumable goods, and even productive goods, generally show the two elements in combination, as constituents of their utility; although, in a general way, the element of waste tends to predominate in articles of consumption, while the contrary is true of articles designed for productive use.
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