Suppose there are three kinds of people living in Midtown: people who do not have a lot of money,and so cannot afford to conspicuously consume;people who come from old money,all of whom believe that conspicuous consumption is in exceedingly poor taste;and the newly rich,all of whom engage in conspicuous consumption.
One reason that members of families that have been wealthy for many generations do not engage in conspicuous consumption in Midtown is that

Question

Quizplus · Accepted Answer

Members of families with old money avoid conspicuous consumption to differentiate themselves from the newly rich, who engage in such behavior.

Suppose There Are Three Kinds of People Living in Midtown