Conspicuous consumption
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In sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical
The sociologist and economist Thorstein Veblen coined the term "conspicuous consumption", and was a pioneer of the institutional economics movement.
In the 19th century, the philosopher John Stuart Mill recommended taxing the practice of conspicuous consumption.
Thorstein Veblen
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Thorstein Bunde Veblen was an American economist and sociologist who, during his lifetime, emerged as a well-known critic of capitalism. In his best-known book, The Theory of the Leisure Class, Veblen
Conspicuous consumption
…explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical. In 1899, the sociologist Thorstein Veblen coined the term conspicuous consumption to explain the spending of money on and the acquiring of luxury commodities (goods and services) specifically…
The Thorstein Veblen Farmstead in 2014