This, I believe, is a fair specimen of the Veblenian ratiocination. Observe it well, for it is typical. That is to say, it starts off with a gratuitous and highly dubious assumption, proceeds to an equally dubious deduction, and then ends with a platitude which begs the whole question. What sound reason is there for believing that exclusive possession is the hall-mark of luxury? There is none that I can see. It may be true of a few luxuries, but it is certainly not true of the most familiar ones. Do I enjoy a decent bath because I know that John Smith cannot afford one—or because I delight in being clean? Do I admire Beethoven’s Fifth Symphony because it is incomprehensible to Congressmen and Methodists—or because I genuinely love music? Do I prefer terrapin à la Maryland to fried liver because plow-hands must put up with the liver—or because the terrapin is intrinsically a more charming dose? Do I prefer kissing a pretty girl to kissing a charwoman because even a janitor may kiss a charwoman—or because the pretty girl looks better, smells better and kisses better? Now and then, to be sure, the idea of exclusive possession enters into the concept of luxury. I may, if I am a bibliophile, esteem a book because it is a unique first edition. I may, if I am fond, esteem a woman because she smiles on no one else. But even here, save in a very small minority of cases, other attractions plainly enter into the matter. It pleases me to have a unique first edition, but I wouldn’t care anything for a unique first edition of Robert W. Chambers or Elinor Glyn; the author must have my respect, the book must be intrinsically valuable, there must be much more to it than its mere uniqueness. And if, being fond, I glory in the exclusive smiles of a certain Miss —— or Mrs. ——, then surely my satisfaction depends chiefly upon the lady herself, and not upon my mere monopoly. Would I delight in the fidelity of the charwoman? Would it give me any joy to learn that, through a sense of duty to me, she had ceased to kiss the janitor?