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Conspicuous Consumption
In sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical. In 1899, the sociologist Thorstein Veblen coined the term ''conspicuous consumption'' to explain the spending of money on and the acquiring of luxury commodities (goods and services) specifically as a public display of economic power—the income and the accumulated wealth—of the buyer. To the conspicuous consumer, the public display of discretionary income is an economic means of either attaining or maintaining a given social status. The development of Veblen's sociology of conspicuous consumption also identified and described other economic behaviours such as invidious consumption, which is the ostentatious consumption of goods, an action meant to provoke the envy of other people; and conspicuous compassion, the ostentatious use of charity meant to enhance the reputatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Power (social And Political)
In political science, power is the ability to influence or direct the actions, beliefs, or conduct of actors. Power does not exclusively refer to the threat or use of force (coercion) by one actor against another, but may also be exerted through diffuse means (such as institutions). Power may also take structural forms, as it orders actors in relation to one another (such as distinguishing between a master and an enslaved person, a householder and their relatives, an employer and their employees, a parent and a child, a political representative and their voters, etc.), and discursive forms, as categories and language may lend legitimacy to some behaviors and groups over others. The term ''authority'' is often used for power that is perceived as legitimate or socially approved by the social structure. Scholars have distinguished between soft power and hard power. Types One can classify such power types along three different dimensions: [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frugality
Frugality is the quality of being frugal, sparing, thrifty, prudent, or economical in the consumption of resources such as food, time or money, and avoiding waste, lavishness or extravagance. In behavioral science, frugality has been defined as the tendency to acquire goods and services in a restrained manner, and resourceful use of already-owned economic goods and services, to achieve a longer term goal. Strategies Common techniques of frugality include reduction of waste, curbing costly habits, suppressing instant gratification by means of fiscal self-restraint, seeking efficiency, avoiding traps, defying expensive social norms, detecting and avoiding manipulative advertising, embracing cost-free options, using barter, and staying well-informed about local circumstances and both market and product/service realities. Frugality may contribute to health by leading people to avoid products that are both expensive and unhealthy when used to excess. Frugal living is practiced by t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Net Worth
Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Financial assets minus outstanding liabilities equal net financial assets, so net worth can be expressed as the sum of non-financial assets and net financial assets. This concept can apply to companies, individuals, governments, or economic sectors such as the financial corporations sector, or even entire countries. By entity Calculation Net worth is the excess of assets over liabilities. The assets that contribute to net worth can include homes, vehicles, various types of bank accounts, money market accounts, stocks and bonds. The liabilities are financial obligations such as loans, mortgages, and accounts payable (AP) that deplete resources. Companies Net worth in business is also referred to as equity. It is generally based on the value of all assets and liabilities at the carrying value which is the value as exp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William D
William is a masculine given name of Germanic origin. It became popular in England after the Norman conquest in 1066,All Things William"Meaning & Origin of the Name"/ref> and remained so throughout the Middle Ages and into the modern era. It is sometimes abbreviated "Wm." Shortened familiar versions in English include Will or Wil, Wills, Willy, Willie, Bill, Billie, and Billy. A common Irish form is Liam. Scottish diminutives include Wull, Willie or Wullie (as in Oor Wullie). Female forms include Willa, Willemina, Wilma and Wilhelmina. Etymology William is related to the German given name ''Wilhelm''. Both ultimately descend from Proto-Germanic ''*Wiljahelmaz'', with a direct cognate also in the Old Norse name ''Vilhjalmr'' and a West Germanic borrowing into Medieval Latin ''Willelmus''. The Proto-Germanic name is a compound of *''wiljô'' "will, wish, desire" and *''helmaz'' "helm, helmet".Hanks, Hardcastle and Hodges, ''Oxford Dictionary of First Names'', Oxfor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Surprising Secrets Of America's Wealthy
''The'' is a grammatical article in English, denoting nouns that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with nouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of the archaic pronoun ''thee' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emerging Markets
An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or were in the past. The term "frontier market" is used for Developing country, developing countries with smaller, riskier, or more illiquid capital markets than "emerging". As of 2006, the economies of Economy of China, China and Economy of India, India are considered to be the largest emerging markets. According to ''The Economist'', many people find the term outdated, but no new term has gained traction. Emerging market hedge fund capital reached a record new level in the first quarter of 2011 of $121 billion. Emerging market economies’ share of global PPP-adjusted GDP has risen from 27 percent in 1960 to around 53 percent by 2013. The ten largest emerging economies by List of countries by GDP (nominal), nominal GDP are 4 of the 9 BRICS cou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bandwagon Effect
The bandwagon effect is a psychological phenomenon where people adopt certain behaviors, styles, or attitudes simply because others are doing so. More specifically, it is a cognitive bias by which public opinion or behaviours can alter due to particular actions and beliefs rallying amongst the public. It is a psychological phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases with respect to the proportion of others who have already done so. As more people come to believe in something, others also "hop on the bandwagon" regardless of the underlying evidence. Following others' actions or beliefs can occur because of conformism or deriving information from others. Much of the influence of the bandwagon effect comes from the desire to 'fit in' with peers; by making similar selections as other people, this is seen as a way to gain access to a particular social group. An example of this is fashion trends wherein the increasing popularity of a certain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demonstration Effect
Demonstration effects are effects on the behavior of individuals caused by observation of the actions of others and their consequences. The term is particularly used in political science and sociology to describe the fact that developments in one place will often act as a catalyst in another place. Examples Parents may take care of their parents to create a demonstration effect by which their children later care for them. Countries and local governments may adopt laws and economic policies similar to those that appear to demonstrate success elsewhere. The proven success of the policies provides a demonstration effect that leads other governments to attempt to emulate that success. Tourism The demonstration effect has been observed as a natural consequence of tourism. One study argues that the demonstration effect can be broken down into four forms: exact imitation, deliberately inexact imitation, accidental inexact imitation, and social learning. Economics In economics, demonst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Duesenberry
James Stemble Duesenberry (July 18, 1918 – October 5, 2009) was an American economist. He made a significant contribution to the Keynesian analysis of income and employment with his 1949 doctoral thesis ''Income, Saving and the Theory of Consumer Behavior''. In ''Income, Saving and the Theory of Consumer Behavior'', Duesenberry questioned basic economic assumptions about consumer behavior. He argued that consumer theory failed to take into account the importance of habit formation in establishing spending patterns. He also stressed the importance of social environment in determining an individual's level of expenditures. He proposed a mechanism called the "demonstration effect" by which people would modify their consumption patterns not because of changes in income or prices but from witnessing the consumption expenditures of others with whom they came into contact. That phenomenon, he argued, was driven by the interdependence of people's preferences and the need to maintain or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philosophy Of Futility
Philosophy of futility refers to a tendency to become quickly bored and, consequently, a continual appetite for newness and change. The phrase was coined in 1928 by Columbia University marketing professor Paul Nystrom to describe the increasingly prevalent outlook which, he believed, induced a greater demand for fashionable products. The growth of industrialization had brought about a narrowing of interests, contacts, and achievements for many people in the Western world. Such conditions of life, Nystrom observed, encourage quick boredom and a greater interest in goods in which fashion dominates, such as apparel, automobiles, and home furnishings. The following is a quotation from Nystrom's ''Economics of Fashion'' (1928), often cited by historians and analysts of marketing, consumerism, and commercialism:p. 85, ''Captains of Consciousness: Advertising and the Social Roots of the Consumer Culture'', Stuart Ewen, New York: Basic Books, 1976/2001; p. 18, ''Our Media, Not Theirs'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pecuniary Emulation
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