People of Wealthy Nations Unhappy in Keeping Up With the Joneses

by Trilok Kapur on  March 16, 2010 at 1:04 PM Lifestyle News   - G J E 4
 People of Wealthy Nations Unhappy in Keeping Up With the Joneses
Experts say that people of a wealthy nation may be addressing more miseries amid fattening economy.

Curtis Eaton, University of Calgary, and Mukesh Eswaran, University of British Columbia, pointed out that while the rich with busting bank accounts may be able to afford the latest, the chunk of the population, without similar fortune, were more unhappy by their inability to match the same standards of living.

The economists explained objects are attached with greater significance in bulging economies and people with limited sources, in their bid to keep up with the wealthy, are left less happy even if there has been an increase in their wealth, the Telegraph reported.

The researchers argued this could take a toll on the nation's sense of "community and trust", making a nation collectively worse off.

They said: "These goods represent a 'zero-sum game' for society: they satisfy the owners, making them appear wealthy, but everyone else is left feeling worse off.

"Conspicuous consumption can have an impact not only on people's well-being but also on the growth prospects of the economy."

The term "conspicuous consumption" was penned by the 19th century Norwegian-American economist Thorstein Veblen, who explained it as a method by which people seek to set themselves apart.

The Canadian research has been published in the Economic Journal.

Source: ANI

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