Imagine two identical spoons. One is hand-wrought from silver by a skilled metalworker. The other, a base-metal facsimile, was mass-produced by a machine. Which would you value more? Most of us would say the handmade spoon.
In 1899, more than a century ago, American economist and sociologist Thorstein Veblen used this very example to explain how we assign value, or his theory of conspicuous consumption, in which he contended that bourgeois consumption was driven primarily by a desire to display wealth to others. Even if these spoons were indistinguishable, explained Veblen, the hand-made spoon, once identified, would be more highly valued.
This is in part because “the hand-wrought spoon gratifies our taste, our sense of the beautiful, while that made by machinery out of base metal has no useful office beyond a brute efficiency.” But for Veblen there is another factor more important than any aesthetic judgment: costliness.
