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 acquaintance and human contact in this trade. But the substantial ground of this high requirement in dissipation is in the last analysis no other than that same propensity for a manifestation of dominance and pecuniary decency which makes the French peasant-proprietor parsimonious and frugal, and induces the American millionaire to found colleges, hospitals and museums. If the canon of conspicuous consumption were not offset to a considerable extent by other features of human nature, alien to it, any saving should logically be impossible for a population situated as the artisan and labouring classes of the cities are at present, however high their wages or their income might be.

But there are other standards of repute and other, more or less imperative, canons of conduct, besides wealth and its manifestation, and some of these come in to accentuate or to qualify the broad, fundamental canon of conspicuous waste. Under the simple test of effectiveness for advertising, we should expect to find leisure and the conspicuous consumption of goods dividing the field of pecuniary emulation pretty evenly between them at the outset. Leisure might then be expected gradually to yield ground and tend to obsolescence as the economic development goes forward, and the community increases in size; while the conspicuous consumption of goods should gradually gain in importance, both absolutely and relatively, until it had absorbed all the available product, leaving nothing over beyond a bare livelihood. But the actual course of development has been somewhat different from this ideal scheme. Leisure held the first place at the start, and came to hold a rank very