“What eventually led to the undoing of these views was the failure to appreciate the competitive nature of our consumption and the significance of positional goods. Houses in good neighborhoods, tasteful furniture, fast cars, stylish restaurants and cool clothes are intrinsically scarce. We cannot manufacture more of them because their value is based on the distinction that they provide to consumers. Thus the idea of overcoming scarcity through increased productivity is incoherent; in our society, scarcity is a social, not a material, phenomenon.”
Nation of Rebels, p. 294