The new, subtle ways the rich signal their wealth
1–10 of 59 posts
Re: The new, subtle ways the rich signal their wealth
#2tl;dr: rich people spend more on education and fancy lunches for their kids. Also, they pay attention to reading the right magazines, like The Economist and The New Yorker so everyone knows they went to fancy schools.
Choice quotes:
>"Given that everyone can now buy designer handbags and new cars..."
>"Knowing which New Yorker articles to reference or what small talk to engage in at the local farmers’ market enables and displays the acquisition of cultural capital, thereby providing entry into social networks that, in turn, help to pave the way to elite jobs, key social and professional contacts, and private schools."
This article is really stupid.
Re: The new, subtle ways the rich signal their wealth
#3> More profoundly, investment in education, healthcare and retirement has a notable impact on consumers’ quality of life, and also on the future life chances of the next generation. Today’s inconspicuous consumption is a far more pernicious form of status spending than the conspicuous consumption of Veblen’s time.
Spending money on education, healthcare, and retirement is pernicious? Self-perpetuating, perhaps, but pernicious, really?
Re: The new, subtle ways the rich signal their wealth
#4tl;dr: rich people spend more on education and fancy lunches for their kids. Also, they pay attention to reading the right magazines, like The Economist and The New Yorker so everyone knows they went to fancy schools. Choice quotes: >"Given that everyone can now buy designer handbags and new cars..." >"Knowing which New Yorker articles to reference or what small talk to engage in at the local farmers’ market enables…
How is it really stupid? I thought it was an interesting analysis of consumer behavior
Re: The new, subtle ways the rich signal their wealth
#5Posted for the 7th time in 7 days (different posters), this article has touched a nerve :-)
Re: The new, subtle ways the rich signal their wealth
#6tl;dr: rich people spend more on education and fancy lunches for their kids. Also, they pay attention to reading the right magazines, like The Economist and The New Yorker so everyone knows they went to fancy schools. Choice quotes: >"Given that everyone can now buy designer handbags and new cars..." >"Knowing which New Yorker articles to reference or what small talk to engage in at the local farmers’ market enables…
How is it really stupid? I thought it was an interesting analysis of consumer behavior
"Given that everyone can now buy designer handbags and new cars..."
That's a pretty stupid assertion.
Re: The new, subtle ways the rich signal their wealth
#7tl;dr: rich people spend more on education and fancy lunches for their kids. Also, they pay attention to reading the right magazines, like The Economist and The New Yorker so everyone knows they went to fancy schools. Choice quotes: >"Given that everyone can now buy designer handbags and new cars..." >"Knowing which New Yorker articles to reference or what small talk to engage in at the local farmers’ market enables…
How is it really stupid? I thought it was an interesting analysis of consumer behavior
I think calling the article "really stupid" is excessive although I agree it hardly brings anything new to the table. That is fine, but the title had me expecting a little more. As it is I find it a poor re-hash of Pierre Bourdieu's work on cultural capital ("The Inheritors"). I recommend it, it's marvelously well-written in French. Unfortunately, I do not have an English translation to recommend.
Re: The new, subtle ways the rich signal their wealth
#8> More profoundly, investment in education, healthcare and retirement has a notable impact on consumers’ quality of life, and also on the future life chances of the next generation. Today’s inconspicuous consumption is a far more pernicious form of status spending than the conspicuous consumption of Veblen’s time. Spending money on education, healthcare, and retirement is pernicious? Self-perpetuating, perhaps, but p…
"having a harmful effect, especially in a gradual or subtle way."
That seems like exactly the word to use for self perpetuating inequality to me...
Re: The new, subtle ways the rich signal their wealth
#9tl;dr: rich people spend more on education and fancy lunches for their kids. Also, they pay attention to reading the right magazines, like The Economist and The New Yorker so everyone knows they went to fancy schools. Choice quotes: >"Given that everyone can now buy designer handbags and new cars..." >"Knowing which New Yorker articles to reference or what small talk to engage in at the local farmers’ market enables…
How is it really stupid? I thought it was an interesting analysis of consumer behavior
I don't see much analysis, just an assumption that educating yourself through college or reading magazines is an act of "signalling" your wealth. If you have the means to afford these things I think it's rather silly to assume you're doing so to demonstrate how much money you have...
There isn't much substance here.
Re: The new, subtle ways the rich signal their wealth
#10> More profoundly, investment in education, healthcare and retirement has a notable impact on consumers’ quality of life, and also on the future life chances of the next generation. Today’s inconspicuous consumption is a far more pernicious form of status spending than the conspicuous consumption of Veblen’s time. Spending money on education, healthcare, and retirement is pernicious? Self-perpetuating, perhaps, but p…
"having a harmful effect, especially in a gradual or subtle way." That seems like exactly the word to use for self perpetuating inequality to me...
And what's the alternative? Should people make a conscious decision to be less educated, less healthy, and less prepared for retirement?