Exercise 1
Go to http://xroads.virginia.edu/~HYPER/VEBLEN/chap04.html. Read Chapter 4 ("Conspicuous Consumption") of The Theory of the Leisure Class and answer the following questions:
a. What does Veblen mean by conspicuous consumption?
b. What does Veblen mean by vicarious consumption?
c. How do members of the middle class endeavor to consume conspicuously? Why is it so difficult for them?
d. What is the effect of conspicuous consumption on women?
Exercise 2
Go to http://www.blancmange.net/tmh/articles/hlm_veblen.html. Read H.L. Mencken's review of Veblen entitled, "Thorstein's Endless Train of Thought: Where's the Caboose?" and answer the following questions:
a. What does Mencken think of Veblen's writing style? Is he correct?
b. Why does Mencken think Veblen's theory of conspicuous consumption is wrong?
c. If you were Veblen, how would you reply to Mencken's scathing review?
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