Bus 1050 1st Edition Lecture 16 Outline of Last LectureII. Aquinas, of Cheating, Which is Committed in Buying and Selling, from The Summa TheologicaA. Third Article B. Fourth Article Outline of Current Lecture III. Veblen, Pecuniary Emulation and Conspicuous Consumption from Theory of the Leisure Class Current LectureVeblen, Theory of the Leisure Class Back in the day tribes were nomadic. Tribes consisted of hunters and gatherers. They moved around because they went where the food was. Men would raid other tribes and bring back women and as a result the people of the tribe would envy them and looked up to them. Nowadays, we believe that men seek the women that would be best to bear their children. Chattel means property and during those tribal days women were considered personal property. Across almost every culture, women have been looked as property. If one brings back the best women it gives the men self respect, but it’s also the possessions that the women make that increase their self-respect. An abundant amount of evidence goes to show that the amount of possessions one has relative to their peers determines whether or not one feels good about oneself.Pg. 270 line 36 – the motive that lies at the root of ownership is emulation. We acquire things tohave more than others and this makes them envious of us. (Invidious means envious). And although there are other incentives like comfort, security and power, the argument here is that one’s driving motive is to have others envy us. Pg. 272 line 34 – The canons of reputability include not looking back but only looking forward. The question eventually becomes, how much do I have to make in order to achieve the next status level? These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.The majority of people live lives of chronic dissatisfaction if they do not have lots of stuff. They believe that they need to feel superior and that that they need to be envied. From Veblen’s perspective, our self-esteem is based on this idea of having more things. During Veblen’s time, new money was money that was earned while old was money was moneythat was inherited. One would think that people who earned the wealth would be envied more than those who worked for it, but that was not the case. Conspicuous consumption – If one achieves the status of having lots of expensive goods, one needs to distinguish oneself from the others in this leisure class. How might someone accomplish this, one might ask? Through expensive drinks and narcotics, is one answer. What matters is that they are expensive and that’s the only thing that matters. Whether or not it damages one’s health is irrelevant. One can also distinguish oneself, if they are already rich, by throwing large parties. The more that one can afford to throw away, the more one is superior to their peers. Professor Dunie gavean example of him attending a party where a tower of food was thrown away because most of itremained untouched. There’s a need to conspicuously waste in order to impress one’s peers. Pg. 278 – Let’s say someone reaches a certain status and then that someone loses their job. Anyrational person would stop spending money on luxuries, but most people will keep spending money on anything that’s visible to the public and cut back on things that aren’t visible, like the necessities of life (eating noodles every night).Pg. 280 – Once one satisfies the necessities of life, one doesn’t relax but works even harder to buy more things that they don’t need. Our needs are never ending and we tend to spend our entire lives acquiring things we don’t need (conspicuous