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Overvalued and Underestimated. Veblen’s Contribution to the Analysis of (un-)Sustainable Consumption

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  • Lorek, Sylvia

    (Sustainable Europe Research Institute SERI Germany)

Abstract

Veblen’s concept of conspicuous consumption is often cited to explain why consumption habits in our consumer societies tend to be unsustainable and ever increasing. However, much more than blaming individual consumption habits Veblen sharply analyzed quite some of the societal and economic forces which drive the framework conditions for unsustainable consumption: the vested interests and the absentee ownership. The paper follows the path Veblen’s thoughts have taken trough economic and social literature over the last centuryand highlights how the actual sustainable consumption debate could make better use of Veblen’s insights e.g. in requesting the constitutive institutions for property. Opportunities for Strong Sustainable Consumption obviously presuppose radical changes, social innovations and thinking out of the box.

Suggested Citation

  • Lorek, Sylvia, 2014. "Overvalued and Underestimated. Veblen’s Contribution to the Analysis of (un-)Sustainable Consumption," European Journal of Economic and Social Systems, Lavoisier, vol. 26(1-2), pages 149-172.
    • Handle: RePEc:ris:ejessy:0015
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    More about this item

    Keywords

    Veblen; vested interests; sustainable consumption; structural change;
    All these keywords.

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • I00 - Health, Education, and Welfare - - General - - - General

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