Not Keeping Up with the Joneses

John Hartwick
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John Hartwick: Queen’s University

Chapter 1 in A Brief History of Price, 1993, pp 1-19 from Palgrave Macmillan

Abstract: 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.

Keywords: Consumer Surplus; Demand Curve; Index Number; Current Income; Price Rise (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37466-9_1

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DOI: 10.1057/9780230374669_1

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