- Check Point: Conspicuous Consumption.
- Read: Go to Modern History Sourcebook: Thorstein Veblen: Conspicuous Consumption, 1902: http://www.fordham.edu/Halsall/mod/1902veblen00.html (Links to an external site.) and read what Veblen has to say about conspicuous consumption. You may also want to check out “Conspicuous Consumption” at http://www.absoluteastronomy.com/topics/Conspicuous_consumption (Links to an external site.)
- Post: your answer the following questions:
- According to Veblen, what is conspicuous consumption?
- Do you agree with Veblen that conspicuous consumption exists? Why or why not?
- If Veblen is correct and conspicuous consumption exists, then what role does price have in determining marginal utility?
- Whether or not you agree it exists, does the existence of conspicuous consumption negate the chapter analysis about maximizing total utility? Why or why not?
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