Veblen goods aren't the most effective means of investment for the greater good, but their exorbitant cost funds the salaries of the craftspeople and engineers and technicians who make them, and the designers and writers who market them.
I'm not saying that buying a Bugatti is a social good; it clearly isn't. I'm just saying that those purchases aren't a drag on the middle class, except to the extent that they represent a missed opportunity for a more-just burden sharing to offset a needless sacrifice by the working class that could realistically be addressed by the rich.
Again the point is: simply sitting around being rich isn't intrinsically harmful to the lower and middle classes.
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Veblen goods aren't the most effective means of investment for the greater good, but their exorbitant cost funds the salaries of the craftspeople and engineers and technicians who make them, and the designers and writers who market them.
I'm not saying that buying a Bugatti is a social good; it clearly isn't. I'm just saying that those purchases aren't a drag on the middle class, except to the extent that they represent a missed opportunity for a more-just burden sharing to offset a needless sacrifice by the working class that could realistically be addressed by the rich.
Again the point is: simply sitting around being rich isn't intrinsically harmful to the lower and middle classes.
> Again the point is: simply sitting around being rich isn't intrinsically harmful to the lower and middle classes.
Fair. I've long held the opinion that, within reason, "less" income inequality is better than "more". However, your statement is accurate.