In order to comprehend the ontological construction below, please refer to the respective posts for all notions in italic.
A commodity attractive in its expensiveness is luxury good. It is much easier to exhaust the income in the expensive good on the market, there for the income tends to be predominately given in the form of luxury commodities. Thrift can accumulate income but cannot express it in the preference to inferior goods as easily as the conspicuous consumption of luxuries is able to do so. The income is drained eventually through the services of the expensive commodity, which gives substance once again to inferior goods on the market in order to transform the goods into normal goods.
Historical Backdrop
• ERNST ENGEL The Cost of Living for the Belgian Working Families Earlier and Now: luxury good.
• FRIEDRICH WIESER Natural Value: luxuries.
• TORSTEN VEBLEN Theory of the Leisure Class: conspicuous consumption.
