The struggle for wealth (private property) is due to pecuniary emulation. It is not a struggle for subsistence. If it were a struggle for subsistence, there would come a definite point after which the incentive to accumulate goods would stop.
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Pecuniary emulation doesn’t just stop as the level of the consumer, however. It weasels its subversion into the overall economic system and the very culture of society. In the words of Thorsten Veblen, "The possession of wealth confers honor.
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Chapter II: Pecuniary Emulation ... although the standard of sufficiency in these respects is in turn greatly affected by the habit of pecuniary emulation. To a great extent this emulation shapes the methods and selects the objects of expenditure for personal comfort and decent livelihood.
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Chapter II: Pecuniary Emulation ... Chapter V: The Pecuniary Standard of Living ... Chapter VI: Pecuniary Canons of Taste...
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But already at a point in economic evolution far antedating the emergence of the lady, specialised consumption of goods as an evidence of pecuniary strength had begun to work out in a more or less elaborate system. ... Chapter II: Pecuniary Emulation...
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of or pertaining to money: pecuniary difficulties. ... consisting of or given or exacted in money or monetary payments: pecuniary tributes. ... Use pecuniary in a Sentence...
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An American Tragedy, a more macroeconomic view of pecuniary emulation and invidious comparison, shifts from the construction of individual selves to examine larger patterns and to ponder more widely social implications.
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As long as Ralston rode the wave of riches, he was the city's paragon of virtue, a role model for pecuniary emulation. His lavish entertainments, his carriages, his ducal estate at Belmont, and his many charities earned him, like Keating later, a deserved place in the developmental history of his adopted city.
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