Editing Keeping up with the Joneses (section)

==Social effects==
The philosophy of "keeping up with the Joneses" has widespread effects on some [[society|societies]]. According to this philosophy, [[conspicuous consumption]] occurs when people care about their standard of living and its appearance in relation to their peers.<ref>{{cite journal |author-link=Jordi Galí |last=Galí |first=Jordi |title=Keeping up with the Joneses: Consumption Externalities, Portfolio Choice, and Asset Prices |journal=[[Journal of Money, Credit and Banking]] |volume=26 |issue=1 |year=1994 |pages=1–8 |doi=10.2307/2078030 |jstor=2078030 }}</ref>

According to Roger Mason,{{non sequitur|reason=Who is he, and what are his basic credentials?|date=September 2021}} "the demand for [[Veblen goods|status goods]], fueled by ''conspicuous consumption'', has diverted many resources away from investment in the manufacture of more material goods and services in order to satisfy consumer preoccupations with their ''relative social standing'' and prestige".<ref>{{cite journal |last=Mason |first=Roger |title=Conspicuous Consumption and the Positional Economy: Policy and Prescription since 1970 |journal=Managerial and Decision Economics |volume=21 |issue=3/4 |year=2000 |pages=123–132 |doi=10.1002/mde.977 |hdl=10.1002/mde.977 |hdl-access=free }}</ref>

[[Social status]] once depended on one's family name; however, [[social mobility]] in the United States and the rise of [[consumerism]] there both gave rise to change. With the increasing availability of goods, people became more inclined to define themselves by what they possessed and the quest for higher status accelerated. Conspicuous consumption and [[economic materialism|materialism]] have been an insatiable juggernaut ever since.<ref>[http://www.nd.edu/~ndmag/stuf2s99.htm "Possessions 2"] {{webarchive|url=https://web.archive.org/web/20080307002356/http://www.nd.edu/%7Endmag/stuf2s99.htm |date=2008-03-07 }}, ''Notre Dame magazine''</ref>

Inability to "keep up with the Joneses" might result in dissatisfaction, even for people whose status is high. This could possibly tie in to a concept/theory called the "[[hedonic treadmill]]."<ref>[https://www.sciencedaily.com/releases/2010/03/100322092057.htm "Money Only Makes You Happy If It Makes You Richer Than Your Neighbors"], ''Science Daily'', March 2010</ref>