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Luxury Fever, by Robert H. Frank
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The turn of the twenty-first century witnessed a spectacular rise in gross consumption. With the super-rich setting the pace, everyone spent furiously in a desperate attempt to keep up. As cars and houses grew larger and more expensive, the costs were enormous--not only monetarily but also socially. Consumers spent more time at work and less time with their family and friends; they saved less money and borrowed more.
In this book, Robert Frank presents the first comprehensive and accessible account of these financial choices. Frank uses scientific evidence to demonstrate how these spending patterns have not made us happier or healthier. Luxury Fever offers an exit from the rat race, suggesting ways to curb the culture of excess and restore true value to our lives.
- Sales Rank: #3676359 in Books
- Brand: Brand: Princeton University Press
- Published on: 2000-09-05
- Original language: English
- Number of items: 1
- Dimensions: .90" h x 6.25" w x 9.22" l, 1.06 pounds
- Binding: Paperback
- 326 pages
Features
- Used Book in Good Condition
Amazon.com Review
Luxury Fever: Why Money Fails to Satisfy in an Era of Excess is a serious examination of the long-term costs associated with our society's ever-accelerating spiral of conspicuous consumption, followed by a far-reaching remedy that will intrigue anyone concerned with related fiscal issues. Robert Frank, a Cornell University professor of economics, ethics, and public policy, who previously coauthored The Winner-Take-All Society, believes neither foolishness nor greed is really responsible for our relentless desire to own flashier household appliances, bigger sport-utility vehicles, and fancier suburban houses; rather, he contends, it is the ongoing behavior of our peers which ultimately determines how much we spend and how we spend it. Frank goes on to claim, however, that this knowledge alone may actually point us toward an alternative that is both acceptable and practical. "By a simple and easily achieved rearrangement of our current consumption incentives," he writes, "we can effectively enrich ourselves by literally trillions of dollars a year." He then goes on to discuss the recent boom in luxury spending, its potential implications for those at all income levels, his suggestions for altering current consumption patterns, and the reasons that redirecting these funds could benefit everyone. --Howard Rothman
From Publishers Weekly
Frank, a professor of economics at Cornell and the author of The Winner-Take-All Society, castigates Americans for wasteful spending and offers reasonable, if unexciting, policy proposals to remedy the problem. Our homes, cars and even our watches are flashier than ever. But although the rich have the money to indulge their whims, the rest of us finance our spending sprees either by decreased personal savings or by increased debt: Frank reports that total household debt grew from 56% of disposable income in 1983 to an astonishing 81% by the beginning of 1995. Most economists accept that conspicuous consumption merely reflects Adam Smith's dictum that the sum of individuals seeking their own interest adds up to the greatest good for all. But Frank argues that our notions of self-interest are skewed, that all this getting and spending doesn't even make us happy (if your neighbor didn't buy the new Lexus, you wouldn't feel the need for the newer Beemer, and you'd both work less and spend more time with the kids). The problem, Frank believes, is that American society has a glut of individual incentives and a dearth of group incentives. To protect us from our greedier selves, Frank lobbies for a tax exemption for savings and a progressive consumption tax. If Americans spent less on luxury items, he writes, there would be more money available "to restore our long neglected public infrastructure and repair our tattered social safety net." Frank's diagnosis of American luxury fever is hard to dispute, but his remedies, sensible in the abstract, take insufficient account of the political and cultural obstacles that need to be overcome to implement them.
Copyright 1998 Reed Business Information, Inc.
Review
"Luxury Fever is an important book. . . . It's admirable that an economist makes use of the research of behavioral biologists and evolutionary psychologists to explain why consumers spend as they do."--USA Today
"Frank's analysis should be just as interesting to those who do not share his political position as to those who do."--Samuel Brittan, Times Literary Supplement
"One does not have to be the kind of person who complains about fat-cat City salaries to wonder whether certain wealthy people are not, on the one hand, rich beyond utility, and spending their money on things that no sane consumer needs, on the other. Robert Frank's thoughtful study of conspicuous consumption . . . has a dreadful fascination."--Sunday Times (London)
"The shop-till-you-drop, 'retail therapy' culture may have become more dominant in the last few years. . . . But are we really any happier for it? One person who thinks we are not is Robert Frank . . . whose new book, Luxury Fever, has been causing a bit of a stir. . . . The burst of consumerism in the U.S. . . . gives a new bite to these well-rehearsed concerns."--The Independent (London)
Most helpful customer reviews
4 of 4 people found the following review helpful.
Buying this book is money well spent
By Coert Visser
This fascinating book describes how a new virus, the luxury fever has Americans seemingly inescapably in its grip: people spend a larger and larger proportion of our money on luxury goods. And, because for most people incomes have remained static or have even declined (in the US and the UK), this extra spending was financed by lower savings and higher debts, making the economy weaker and more vulnerable. Further, most people work longer and tend to spend less time on important activities such as vacations, being with family, sleeping exercising, etc. To make things worse: Americans spend less on vital public services which leads to a deteriorating infrastructure, to higher crime, to dirty streets and parks, to water pollution, to a deteriorating education system, etc. And what about health? 40 million Americans currently lack health insurance.... This book explains how there is a competition 1) between different forms of private spending (do we buy luxury or do we spend our money differently?) and 2) between private and public spending. To expand on the latter point: a growing share of the US national income is spent on consumption and spending on vital publics services is increasingly threatened. Frank explains (on the basis of well-being research and the adaptation-level theory) that the main reason we buy luxury goods is to demonstrate to others that we can afford to thereby trying to distinguish ourselves from them. In doing so we try to achieve happiness by improving our relative status. The irony is, however, this absolutely doesn't work! The satisfaction we get from luxury spending, which Frank calls conspicuous spending, depends largely on context. The satisfaction we get from luxury spending lasts only shortly. Two examples: 1) If we buy an expensive car, this distinguishes us from our neighbour and we feel happy. If, however, next month our neighbour buys an even fancier one, our satisfaction will be largely gone. You can see how this leads to an escalation, an arms race, with no winners. 2) The satisfaction we get from luxury goods tends to decline steeply over time. We tend to get used quickly to what we have and the favourable features of the luxury good tend to fade into the background rapidly: we no longer notice the fancy features of our expensive car and our satisfaction diminishes. Bottom line: this increasing conspicuous spending does more harm than good. We have to discourage conspicuous consumption in favour of inconspicuous consumption. Frank explains that no individual or family alone can solve this problem. It has to be solved at a higher level. He proposes a simple but effective measure to discourage conspicuous consumption, a progressive consumption tax levied on consumption rather than income. Frank claims this tax can stimulate radical changes in the ways we lead our lives. Contrary to the believe of many, he convincingly argues, this progressive consumption tax would not cripple the economy but invigorate it. A fascinating book also highly relevant for European countries I think.
23 of 26 people found the following review helpful.
An Interesting Diagnosis
By Paula L. Craig
Frank's point is essentially that Americans spend too much on luxury goods that don't bring them satisfaction, and too little on things they really could make them happier. He makes a good case for using a consumption tax to remedy the situation. I really enjoyed the analysis of homo economicus versus homo realisticus. Frank argues that homo economicus (as used in mainstream economics) is concerned with rational betterment of his situation, while real people are concerned as much or even more with doing better than those around them. When I studied economics I realized that something was wrong with the standard homo economicus model, but Frank lays out the differences very clearly, in ways I hadn't thought of.
Frank has some great commentary on the human condition here, too. My favorite is his analysis of why it helps to get up in the morning if you put your alarm clock out of reach of the bed. If you don't see what this has to do with economics--read the book!
Frank makes some proposals that I think are bluntly naive. For example, he proposes curing unemployment by a program of public works. This simply cannot work. It has, of course, been tried, including the attempt by the Washington DC municipal government in recent decades. Inevitably it leads to dependency and corruption, and a multiplication of the number of people needing public jobs. Frank needs to think more about where the incentives are in such a situation. In my opinion, if the streets are littered with garbage that isn't being picked up, you have to look at where the garbage is coming from and who is benefitting from creating it. It should be sellers of plastic bottles, paper cups, and the like who should be paying for picking up litter from the streets, not general tax funds. Frank also needs to pay more attention to population issues. No public works program can support a continually increasing number of people. I think Frank also overlooks the large role in overconsumption of having no limits on the interest rates which credit card and mortgage companies are allowed to charge. Unlimited rates means that such companies have a vested interest in keeping the maximum possible number of Americans on the edge of bankruptcy, and not much of an interest in making sure they lend money only to people who are likely to be able to pay it back.
Overall, though, this is a book with some useful and interesting ideas.
8 of 8 people found the following review helpful.
the status treadmill
By Peter Gray
About 100 years after Veblen coined the phrase, "conspicuous consumption," Frank finds himself trying to make sense of outrageous consumption patterns during another era of prosperity. Why the love for expensive grills, cars and watches? The answer, in brief, is status. Because social status is measured relative to others (rather than by absolute standards), consumers step on a treadmill that finds them trying to outmeasure their peers. This treadmill doesn't lead to any greater happiness. Though individual satisfaction tends to increase with greater income and greater income slightly associates with higher satisfaction in the U.S., the elevations in per capita income within countries over time don't correspond with greater satisfaction (above some threshold). We have more stuff than our grandparents but not more satisfaction because of it. Pointing out that society as a whole would be better served by reallocating the resources wasted on individual luxury items by investing in clean air and water, paying teachers and maintaining roads, Frank shows that this conflict between individual and group interests represents a public goods problem. Though legal restrictions, social norms and other mechanisms have been advanced to solve these dilemmas elsewhere, Frank favors a progressive consmption tax for the U.S. This contention muddies the water between advocacy and the science of economics. In his support of it, as elsewhere in the book, he overgeneralizes from a few lines of evidence ("all evidence shows that...") to broad conclusions, leaving the reader questioning how completely the relevant evidence has been reviewed. Yet the clarity, readability and timeliness of this book make it well worth reading. Will it help us get off the status treadmill?
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