The Principles of Economics, with Applications to Practical ProblemsFetter, Frank A. (Frank Albert)
General
The Principles of Economics, with Applications to Practical Problems
Fetter, Frank A. (Frank Albert)
Economics
1. _Luxury, while variously defined, involves always the thought of
great consumption of wealth for unessential pleasures._ It is not
possible to define luxury absolutely; it is a relative term. Those
opposed to it condemn it in their definition of it, as, for example: "an
excessive consumption of wealth," or "devoting a relatively large amount
of wealth to the satisfaction of a relatively superfluous want." Those
who take a more moderate and favorable view say: "It is the enjoyment of
forms of wealth not obtainable by the mass of men." The difficulty in
the definition as well as in the problem of luxury is that it involves a
mixture of economic and of ethical questions.
[Sidenote: Extravagance "to give employment"]
2. _Luxury is erroneously justified by some as giving employment to
labor._ Typical instances are extravagant dress and elaborate balls
where fine and costly flowers, decorations, music, coaches, require the
expenditure of a large amount of money. It is said of the Empress
Eugenie, wife of Napoleon III, that, in order to help the glove industry
of France, she wore no pair of gloves more than once; in order to help
other French industries, she purchased many silks and laces. It is a
very comfortable doctrine to some people that the oftener they change
their dress, the greater benefactors to society they are. A few years
ago the "Bradley-Martin ball" was given in New York city. It was
possibly little more elaborate and expensive than many another ball, but
it chanced to be a dull time for news and the papers all over the land
gave columns to its discussion. In the many interviews with ministers
and business men, the thought appeared over and over that the ball had
at least the merit of giving employment to labor.
[Sidenote: The fallacy of luxury]
Public-domain text, read in full here on John Shaqi.
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