His contributions to science have had a significant impact on our understanding, prevention and treatment of a number of infectious diseases; his modesty and humility are an emulatory
challenge to us; his integrity is legendary; and his compassion for the downtrodden and disadvantaged has made him a role model for colleagues and students.
This cycling, emulatory
behavior equilibrates only if all three types of seller randomize completely among the three possible signals, which is exactly what occurs in equilibrium, as illustrated in the table below:
The rationale for public or collective goods implicit in The Theory of the Leisure Class is simply that far too many goods and services are produced for emulatory consumption and waste in an effort to enhance the consumer's self-image; in short, conspicuous consumption and conspicuous waste dissipate economic resources as individuals strive to achieve more self-esteem by impressing their neighbours with their ability to spend and consume.
However, the Veblenian and post-Veblenian theories of emulatory behaviour and their relevance for the prospect of a humane workplace remain to be more fully analysed .
To describe emulatory behaviour Veblen coined the phrases conspicuous consumption", "conspicuous waste" and "conspicuous exemption from useful labour".
In Harvey Leibenstein's post-Veblenian analysis the original emulatory process is labelled "Veblen effects", that is, the higher the price of a good or service the more status it yields.
Leibenstein also identifies and labels two related types of emulatory consumption "bandwagon effects" and "snob effects" (Leibenstein, 1950, pp.
Thus only initiates can take part in an emulatory process of this sort.
Robert Steiner and Joseph Weiss, in turn, have added a still further refinement to the theory of emulatory consumption which they call "counter-snobbery"(see Steiner and Weiss, 1951, pp.