The Pecuniary Standard of Living Summary and Analysis

Most people spend in excess of what is required for their physical comfort. They do this because they must live up to the code of decency. Once an individual attains a given level of consumption, it is hard to give it up and move to a lower level. Veblen goes on to say that it is not the current level of consumption expenditures that guides behavior but rather the level that is just beyond the reach of the individual.

It is the community that decides the standard of consumption that it feels is honorable. Once the standard of living is determined, it is difficult to change. Changing habits is a slow purpose. The wider the distance between the classes and the slower the degree of class mobility, the slower the process of change...