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A Historical Perspective on Luxury

Author

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  • Cosma Sorinel

    (Faculty of Economics, „Ovidius” University, Constanta)

Abstract

The word luxury recurs and recurs in contemporary advertising as an attempt by retailers to imply exclusiveness, associated with expensiveness and rarity. It is an inducement to consumption. Yet, the concept is frequently used in a loose or clichéd manner in both everyday language and promotional discourse. Luxury goods have two formal features: they are refined and positively pleasing. Luxury goods fall under several categories: sustenance (food and drink), shelter, clothing (apparel and accessories like jewelry and perfume) and leisure (entertainment and sporting goods). The standard definition of basic needs will include food, dwelling, and clothing. Needs, unlike wants, are objective or universal. Wants, unlike needs, are intentional. Unbalanced desires are insatiable.

Suggested Citation

  • Cosma Sorinel, 2012. "A Historical Perspective on Luxury," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 382-386, Decembre.
  • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:2:p:382-386
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    More about this item

    Keywords

    luxury; wealth; need; desire.;
    All these keywords.

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches

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