Sunday, September 16, 2007 'Spendin' like a Rock*Star! POST A COMMENT Regardless of race: 'don't we all wannabe "King of that Hill?" -- if you buy into this article on "color spending," -- the author suggests Blacks and Hispanics buy a lot more like a rock star (to show off their fancy stuff): "Blacks and Hispanics devote larger shares of their expenditure bundles to visible goods (clothing, jewelry, and cars) than do comparable Whites." Translation: The author is talking about that "payday-rich" mentality, where poor people shop for expensive labels they really can't afford -- to floss those new toys for everyone to see...'to feel socially relevant. 'they go onto to suggest: "Other people judge your income based on your conspicuous consumption and your group's income. Under plausible conditions, the authors show that if your group's income is already high conspicuous consumption has a low marginal product. Put differently a black man who wears a very expensive suit gets a bigger increase in status than a white man who wears the same expensive suit because the baseline income prediction is lower for the former." TRANSLATION: Even if you poor as dirt and 'got no money...it's still all 'bout showing people you got nice shit to increase your status among your peers. posted by Henry Cruz at 3:30 PM 0 Comments: Post a Comment << Home     ARCHIVES October 2005 . November 2005 . December 2005 . August 2007 . September 2007 . October 2007 . November 2007 . December 2007 . March 2008 . April 2008 . May 2008 . June 2008 . July 2008 . August 2008 .