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The Theory of the Leisure Class

Summary:

The book critically examines the social and economic behaviors of the wealthy, particularly their pursuit of status and conspicuous consumption. It introduces the concept of "pecuniary emulation," where individuals imitate the spending patterns of those above them in the social hierarchy to climb the social ladder.

Key points:

1. Conspicuous Consumption: Veblen says people buy luxury items to show off wealth, not for the items' value.

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