Conspicuous consumption

A) was a phrase coined by Thorstein Veblen.
B) is what is meant by the phrase "keeping up with the Joneses."
C) is a way the wealthy,among others,advertise their wealth.
D) was written about in The Theory of the Leisure Class.
E) All the choices are true.

Conspicuous Consumption

The act of spending money on and acquiring luxury goods and services to publicly display wealth and social status.

Thorstein Veblen

An American economist and sociologist known for his theory of the leisure class and critique of consumer culture.

Leisure Class

A segment of society that derives its income from investments, inheritance, or other non-labor sources, allowing its members to focus on leisure activities and cultural pursuits rather than traditional labor.