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effects of consumerism (01/03/14 20:34:20)
    I came across this topic on wikipedia, Conspicuous consumption and found a couple of interesting points

    "Conspicuous consumption is the spending of money on and the acquiring of luxury goods and services to publicly display economic power — either the buyer’s income or the buyer’s accumulated wealth. Sociologically, to the conspicuous consumer, such a public display of discretionary economic power is a means either of attaining or of maintaining a given social status.

    Moreover, invidious consumption, a more specialized sociologic term, denotes the deliberate conspicuous consumption of goods and services intended to provoke the envy of other people, as a means of displaying the buyer’s superior socio-economic status."

    "In the 20th century, the significant improvement of the material standard of living of a society, and the consequent emergence of the middle class, broadly applied the term “conspicuous consumption” to the men, women, and households who possessed the discretionary income that allowed them to practice the patterns of economic consumption — of goods and services — which were motivated by the desire for prestige, the public display of social status, rather than by the intrinsic, practical utility of the goods and the services proper. In the 1920s, economists, such as Paul Nystrom (1878–1969), proposed that changes in the style of life, made feasible by the economics of the industrial age, had induced to the mass of society a “philosophy of futility” that would increase the consumption of goods and services as a social fashion; an activity done for its own sake. In that context, “conspicuous consumption” is discussed either as a behavioural addiction or as a narcissistic behaviour, or both, which are psychologic conditions induced by consumerism — the desire for the immediate gratification of hedonic expectations."

    "Sociologically, conspicuous consumption was previously thought to comprise social and economic behaviours primarily practiced by rich people. Yet the research of economists, such as Kerwin Kofi Charles, Erik Hurst, and finance professor Nikolai Roussanov, indicated a different understanding: that conspicuous consumption is a socio-economic behaviour very common to the poor social classes and economic groups, and common to the societies of countries with emerging economies. Among such people, the displays of wealth are used to psychologically combat the impression of poverty, often because such men and women belong to a social class or to an economic group whom his or her society perceives as poor.[2"

    "A luxury tax applied to goods and services that are considered commodities for conspicuous consumption is a type of progressive sales tax that internalizes the negative externality associated with the conspicuous consumption of positional goods.[23] In which case, the externality is associated with the loss of status suffered by people whose stock of high-status (positional) goods is diminished, in relation to the stocks of other conspicuous consumers, as they increase their consumption of such goods and services; effectively, status-seeking is a zero-sum game — by definition, the rise of one person in the social hierarchy can occur only at the expense of other people."

    http://en.wikipedia.org/wiki/Conspicuous_consumption
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effects of consumerism