Write a 8 page essay on Veblen nd Conspicuous Consumption.
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longside continuing, though limited, role in minstrem economics (Bgwell nd Bernheim 1996. Bsmnn et l. 1988), the theory of conspicuous consumption hs in recent yers lso been subjected to considerble criticism from outside of this minstrem. Three min issues hve been rised. First, it hs been rgued tht Veblen’s pproch is too restrictive in relying on the “trickle down” of consumption ptterns from the top of the socil hierrchy. The pcesetters for consumption my lso be those t the bottom of the hierrchy (Fine nd Leopold 1993. Lers 1993). It follows from this position tht conspicuous consumption lcks generlity s theory of consumption since it pplies only to luxury goods. Second, since Veblen’s dy it hs been rgued tht consumers no longer disply their welth conspicuously. Sttus is conveyed in more sophisticted nd subtle wys (Cnterbery 1998. Mson 1998). nd third, for those writing in the postmodern trdition, consumer behvior is no longer shped by positions of s ocil clss but by lifestyles tht cut cross the socil hierrchy (Fetherstone 1991. McIntyre 1992). In this pper it will be exmined tht some extent these rguments misrepresent Veblen’s originl conception of conspicuous consumption nd tke it out of context in reltion to his overll frmework.