The Political Economy of Status

This volume is innovative in terms of its subject matter, approach, theoretical development and policy prescription. It should be read by economists and policymakers who want to understand and address significant contemporary changes in society: the growing importance of status markets for goods and their relationship with superstar markets for labour. Theodore Koutsobinas employs a pluralist approach, drawing on psychology, anthropology, sociology and philosophy in order to develop a political economy theory of culture change with respect to status.'

- Sheila Dow, University of Stirling, UK'Global inequality represents the challenge of our age. The Political Economy of Status demonstrates that rising inequality involves profound cultural, psychological, and philosophical changes because it is interlinked with the meteoric growth of superstar markets - that is, markets for positional goods, which now permeate most economies. Consequently, taking on inequality will require not just smart economic policies, but moral leadership.- Gary Dymski, University of Leeds, UK

'Consumption is a theme that many economists avoid and, after reading this important work by Koutsobinas, it should be clear why: it is a highly complex topic that can only be understood if insights from a number of different perspectives are seamlessly combined. Through a comprehensive examination of these perspectives, Koutsobinas achieves this in his book, offering a fundamental contribution to how the social sciences understand consumption.'

- Wilfred Dolfsma, University of Groningen, the Netherlands

In this timely book, Theodore Koutsobinas explores the system of status markets and their social effects including inequality. He explains how media fascination with superstars and luxury consumption goods amplify positional concerns for all, distort the aspirations of the middle class and cause relative deprivation.

Building on themes first identified by Veblen and Galbraith, the author analyses extensively the behavioral evidence from modern interdisciplinary research and contributes constructively to a new genre of economic analysis. The Political Economy of Status compels us to seriously consider redistributive culture change policies targeted to assist the underprivileged.

This book will be a valuable and lively reading resource for academics in various fields including economic theory, political economy, sociology, social psychology and cultural studies.

Contents: 1. Introduction : Status, Superstars and Markets 2. The Economics of Status and Superstar Markets 3. The Fundamental Forces: Technology, Tastes and Values 4. Psychology and Behavioural Forces 5. The Anthropology of Popular Culture and Identity Formation 6. The Sociology of Distinction, Superiority and Deprivation 7. Contentment, Politics and the Philosophy of Superiority 8. Alternative Policies for Positional Activities 9. The Political Economy of Status and Culture Change Policy Index