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WhichWasteToDispatch 3 - 31 Mar 2009 - Main.KeithEdelman
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| | Our discussion about Veblen and conspicuous waste reminded me of this article, which ran before things started to get really bad on Wall Street.
Are these lifestyle changes based on dispatching the things that are of the least utility or, alternatively, the things that are the least conspicuous? Is there a difference? Using law firms as an example, between layoffs, trimming summer programs, and the like, which pattern do they seem to follow? | | | I'm not sure whether we can analyze the waste that is being discarded in a Veblen sense, as it seems like these individuals are running on fumes and not giving sufficient thought to their spending habits. Moreover, since this article presents a very small sample of individuals, it may not represent the general trend of cutting back for the nation's elite. Nonetheless, it does appear that these individuals are attempting to discard their least conspicuous habits, such as those expensive personal training sessions. From a rational perspective those training sessions (at $165 an hour) are not nearly as important as the jet-setting (at $10,000 an hour), but if these individuals can maintain their place in society by cutting out their personal trainer then it may be worthwhile to them.
-- LaurenRosenberg - 30 Mar 2009 | |
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> | I believe a Veblen-argument can be made to characterize these changes as dropping the most conspicuous things. As Lauren points out, the most important thing for the rich is to stay in their social class. If dropping the private jet allows one to stay afloat and remain part of the elite, this would be done. However, I admittedly do not know if flying coach itself would drop you from the class.
On the other hand, if the rich could still afford to be part of the ultra-elite, one could argue that the least conspicuously wasteful things would be discarded first. This decision itself would be an exhibition of conspicuous waste demonstrating superior pecuniary strength; these people are so rich that although they must cut costs like everyone else, they can cut the most useful, rational expenditures and still be part of the upper class.
-- KeithEdelman - 31 Mar 2009
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