[dleslie]

Conspicuous consumption is _a_ primary driver of an enormous segment of the economy; it effects housing, electronics, textiles, hygiene, beauty products, liquor, and so on and on. Any luxury that can be experienced as an observer is subject to conspicuous consumption.

It's not absurd and stupid to display wealth, it's a function of being a social mammal. Moreover, it does contribute to society by way of employing legions.

When next you flip open your laptop, or publicly use your phone, or dress nicely, or discuss your vacationing, consider your own words about flaunting your wealth.

[jaltekruse]

If all we can ever do is submit to our most basic instincts we will never make progress.

Thinking collectively is what created civilized society and enabled the modern world.

I agree that consumption has created a lot of good in the world, I absolutely believe in capitalism, successful ideas need to triumph over bad ones.

I also understand that many innovations start out as extremely expensive luxury goods that are eventually commoditized. This is an important part of why I don't believe we should make excessive consumption illegal.

I know there will always be people who submit to these urges and buy fancy crap, and sometimes them doing that will help society at large more than it hurts. Some things are just objectively not helpful and are just gratuitous displays of wealth. I am happy to hear otherwise, but I just don't think that Yacht building has trickled down to a bunch of consumer goods that help the world.

High end fashion and beauty products I think reasonably belong in the same category. I think there are plenty of opportunities for more decentralized markets, local designers, that would be possible if rich people weren't buying so much mindshare and influence. And that's not to say I think the government should regulate everything, some if it just has to be individuals talking about things and changing consumption behavior.

[dleslie]

What you're missing is that "them buying fancy crap" is redistribution of wealth. I don't see how it's worse than your suggestions of investing in entrepreneurs; in both situations, something is bought and there is an expectation to extract value from it. On the one hand, they've bought a yacht; on the other hand, they've bought shares in a company.

I do not see what is objectively unhelpful about buying a yacht, or similar. Trades persons are paid, wealth is redistributed, utility and enjoyment is extracted from the product of their labour.

In all luxury consumption there is a redistribution of wealth; and _unlike_ with investment, there is no expectation to extract future wealth from the labour of others after the point of purchase.

In their own way, investors are parasites. They leverage their hoarded wealth to extract value from the labour of others.