Albert has a condo in an exclusive neighbourhood and wears Armani suits, solid gold chains, and a Rolex watch. He recently purchased a Porsche and a speedboat. According to Thorstein Veblen, Albert's orientation is one of_______ .

Question

Quizplus · Accepted Answer

Thorstein Veblen coined the term "conspicuous consumption" to describe the spending of money on and the acquiring of luxury goods and services to publicly display economic power—both the actual income or wealth and the social status of an individual. Albert's behavior of purchasing luxury items and displaying wealth fits this concept.

Albert Has a Condo in an Exclusive Neighbourhood and Wears