conspicuous consumption
Definition
Extravagant and ostentatious expenditure. Conspicuous consumption is meant not to satisfy any physical need, but rather to gratify the psychological craving for status or the esteem of others. The term was first used by the US sociologist and economist Thorstein Bunde Veblen (1857-1929) in his 1899 book 'The Theory Of The Leisure Class.'
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conspicuous consumption is in the Economics, Politics, & Society subject.
conspicuous consumption appears in the definition of the following term: Veblen effect
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