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Not Keeping Up with the Joneses

In: A Brief History of Price

Author

Listed:
  • John Hartwick

    (Queen’s University)

Abstract

Modem economics is based on the premise that the Joneses are better off with a bigger house, a larger yard, an attractive swimming pool, more prime rib, a country home, more frequent holidays abroad etc. Consumption is the end and a well functioning economy, the means. Hence the preoccupation with improving the performance of the economy. Not only do people strive for more of their favourite items, they seek out new items. Since 1976 a typical US supermarket has tripled its products offered. The produce section has about four times as many items to select from. Automobile models currently offered number five hundred and ninety-one. In 1991 one observer group has estimated that new products in supermarkets and drugstores for that year were 21 per cent of 1990s offerings. The increase in variety reflects a wealthy society, a high standard of living.

Suggested Citation

  • John Hartwick, 1993. "Not Keeping Up with the Joneses," Palgrave Macmillan Books, in: A Brief History of Price, chapter 1, pages 1-19, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37466-9_1
    DOI: 10.1057/9780230374669_1
    as

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