So by admission of the article, they're not really signaling their wealth, they're being more inconspicuous. I'm not even sure what the claim is anymore...
The new, subtle ways the rich signal their wealth
11–20 of 59 posts
Re: The new, subtle ways the rich signal their wealth
#12Spending more on health, education, and retirement is thinking long-term. Is that a cause or an effect of being wealthy?
Perhaps in the old days, when overt classism was still accepted, conspicuous consumption yielded something for the spender. Now it is often frawned upon in the West, why bother? So the money saved is invested in consumption/investments with better returns. That is rational.
Re: The new, subtle ways the rich signal their wealth
#13Earlier quoted context omitted.
"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?
In response to the statement that "People are defecting on the prisoners' dilemma.", you are saying "What's the alternative? Should people make a conscious decision to get a worse outcome?"
Re: The new, subtle ways the rich signal their wealth
#14Earlier quoted context omitted.
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.
Maybe I'm just uneducated on the spendings of the top 1% but to me it felt new. To each his own I guess
Re: The new, subtle ways the rich signal their wealth
#15Earlier quoted context omitted.
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.
"Everyone" is a hyperbole but compared to 1899 it's relatively true, especially if the author means everyone in the middle class
Re: The new, subtle ways the rich signal their wealth
#16tl;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
"The new, subtle ways" of signalling wealth in this article are neither new, subtle, nor interesting. You're telling me:
-Rich people bragging about going to/sending their kids to nice schools
-Eating fancy food
-Ostentatiously namedropping highbrow pop culture
are some sort of recent phenomena? Come on :)
Re: The new, subtle ways the rich signal their wealth
#17Earlier quoted context omitted.
"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?
There's this very strange and very dangerous notion making the rounds that because some people don't have the means to access something (i.e. a college education) then those that do have the means should abstain out of...what, solidarity? Because it's unfair?
Problems of inequality are complex and have many different factors at play. I think it's extremely dangerous to discourage the wealthy from using their wealth in this manner. We need to explore the root causes of problems of inequality and this type of rhetoric does NOTHING but fester resentment.
Re: The new, subtle ways the rich signal their wealth
#18Earlier quoted context omitted.
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.
How the (English-speaking) rich signal their wealth: by referring to marvelous works in French that have no worthy English translations. :P
Re: The new, subtle ways the rich signal their wealth
#19> 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...
Would you rather everyone be uneducated and poor as shit?
Honestly, this is such an insane sentiment. Things are getting better for everyone! Increased focus on health and education is obviously a good thing for society; you have to have some seriously fucked up priorities if you think jealousy is a reasonable objection to that fact.
Re: The new, subtle ways the rich signal their wealth
#20Reading "The Economist"? Talking to vendors at organic farmer's market? Breastfeeding? (Not that there's anything wrong with that). All of these signal middle class more than anything else.
The rich people I know display the following marks of belonging:
1) the ability to make a call and solve any petty problem they have (forgot to take a prescription to the pharmacy? Make a call, and the medicine will be released anyway, with compliments).
2) being relaxed and serene like a Buddhist monk
3) displaying levels of trust impossible to the less rich people. Like "you know Bitcoin and how it works, right? Could you buy some for me? Here's $30,000". I barely knew the guy!