This is another strangely named book, since it is a defense of the Duesenberry effect, "demonstration effect" or "relative dissatisfaction" and promotion of its inclusion in understanding the financial meltdown. Middle class people who see the Kardashian wedding or Bill Gates' house are not directly envious of them, but the inflation of expectation of wedding or house or child's lavish birthday party bumps down the social scale until people work longer hours, commute huge distances and borrow money because they can no longer be satisfied with a baseline that met their needs. Unfortunately, there doesn't seem to be a policy way to deal with the hierarchical underpinnings of needing to show up your neighbors or "smart for one, dumb for all" behavior, but it would behoove policy planner to acknowledge that behavior economics play a significant role in the things people choose to do.

AN excellent commentary on the spending in America.

Reading this book, I realised how much I had absorbed on 'The Spirit Level', of which this reads like a simpler, US-centric version. I think we are doomed: the things we need to change for more equal societies are so broad, it'll never happen. People are selfish.