Details

Autor(en) / Beteiligte

• Watkins, John P.

Titel

Veblen's System of Conspicuous Waste

Ist Teil von

• Journal of economic issues, 2019-10, Vol.53 (4), p.914-927

Ort / Verlag

Routledge

Erscheinungsjahr

2019

Link zum Volltext

Quelle

EBSCOhost Business Source Ultimate

Beschreibungen/Notizen

• The touchstone by which Thorstein Veblen evaluated an expenditure was "whether it furthers the life process taken impersonally." For Veblen, the economic problem involved the problem of social provisioning, the way a community provides for itself. To a large degree, social provisioning has been impeded by the system of conspicuous waste, a "scheme of properties, decencies, and standards of living, the economic motive of which is competitive spending." The system of conspicuous waste represents a cultural unfolding of conspicuous waste, prompted by the introduction of continuous-mass production in the late nineteenth, early twentieth centuries. Conspicuous waste refers to the allocation of resources, time, and effort that detract from the life process. Veblen rejected the idea that the system of conspicuous waste benefits society. For Veblen, the standard of living refers to that level of consumption at which people are expected to consume. Products that prove serviceable, however, may also serve as symbols of invidiousness. Veblen used the system of conspicuous waste to compare the diverse cultural responses of England and Germany to the same technology in the early twentieth century. The system, however, plays a central role in absorbing increases in output and maintaining profits. Whether it can continue to do so remains questionable.