a column by Chloé Michel, Michelle Sovinsky, Eugenio Proto and Andrew Oswald for VOX: CEPR’s Policy Portal
Although the negative impact of conspicuous consumption has been discussed for more than a century, the link between advertising and individual is not well understood.
This column uses longitudinal data for 27 countries in Europe linking change in life satisfaction to variation in advertising spend. The results show a large negative correlation that cannot be attributed to the business cycle or individual characteristics.
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This is seriously worth reading if you are concerned about the increase in materialism in society and judgments based on what you have rather than who you are.
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