12/27/2019

Status-seeking services

"If you earn $100,000 and spend $60,000 on status-producing services (rent in an expensive city and/or tuition for your child at a brand-name college) and I earn $50,000 and spend nothing on those services, then the raw income data say that you are twice as well off as I am. But are you that much better off, or are you even better off at all?"