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Thorstein veblen theory of consumption

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Explain Thorstein Veblen's theory of consumption. Is economic behavior, and consumption in particular, driven by utilitarian impulses or socio-cultural factors? What is the point of conspicuous consumption and conspicuous leisure? What is emulative consumption and emulative leisure? What role do envy and invidious distinctions play in this process? Does this lead to a state of happiness or misery? What does this imply for the presumed efficiency (or lack of waste) of capitalist society?

Reference no: EM13904717

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