Victor Lebow
Encyclopedia
Victor Lebow was a 20th century economist
and retail analyst, perhaps best known for his quotation regarding the formulation of American consumer capitalism
found in his paper "Price Competition in 1955" (Journal of Retailing, Spring 1955). Modern authors disagree as to whether Lebow was encouraging and prescribing conspicuous consumption
or grimly acknowledging and critiquing its prevalence among American consumers.
.
Lebow's best-known words have been quoted in a number of articles, documentaries, and articles in the years since his paper was published. He is cited in the book How Much Is Enough?: The Consumer Society and the Future of the Earth by Alan Durning
of the Worldwatch Institute
. In 1993, Lebow was quoted in an article entitled "Consume 101: joys of consumerism at Campus Fest" in the University of British Columbia
's student-run newspaper, The Ubyssey. His words were most recently featured in a 2007 web-based documentary about the life-cycle of goods and services called The Story of Stuff
, as well as a 2009 opinion column by Andy Coghlan in New Scientist
magazine.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and retail analyst, perhaps best known for his quotation regarding the formulation of American consumer capitalism
Consumer capitalism
Consumer capitalism is a theoretical economic and political condition in which consumer demand is manipulated, in a deliberate and coordinated way, on a very large scale, through mass-marketing techniques, to the advantage of sellers....
found in his paper "Price Competition in 1955" (Journal of Retailing, Spring 1955). Modern authors disagree as to whether Lebow was encouraging and prescribing conspicuous consumption
Conspicuous consumption
Conspicuous consumption is spending on goods and services acquired mainly for the purpose of displaying income or wealth. In the mind of a conspicuous consumer, such display serves as a means of attaining or maintaining social status....
or grimly acknowledging and critiquing its prevalence among American consumers.
Biography
According to the biography published in the beginning of his book Free Enterprise: The Opium of the American People (1972), Lebow was "an executive, officer, and director of large corporations". He once testified before the Senate Small Business Committee in its investigation of competitive practices, and was at one point the co-chairman of the University Seminar on the Economics of Distribution at Columbia UniversityColumbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
.
Price Competition in 1955
Lebow's best-known words were published in the Spring 1955 issue of the Journal of Retailing. The paper discussed the cost of maintaining the American lifestyle in 1955, and the effect this cost had on retail profits. According to Lebow, the large "cover charge" taken out of retail sales revenue would result in severe competition at the retail level, and that retail markups would be widespread. Under the heading, "The Real Meaning of Consumer Demand", Lebow wrote:Lebow's best-known words have been quoted in a number of articles, documentaries, and articles in the years since his paper was published. He is cited in the book How Much Is Enough?: The Consumer Society and the Future of the Earth by Alan Durning
Alan Durning
Alan Thein Durning is the founder and executive director of the Sightline Institute, , a non-profit organization based in Seattle, Washington, U.S.....
of the Worldwatch Institute
Worldwatch Institute
The Worldwatch Institute is a globally focused environmental research organization based in Washington, D.C. Worldwatch was named as one of the top ten sustainable development research organizations by Globescan Survey of Sustainability Experts.-Mission:...
. In 1993, Lebow was quoted in an article entitled "Consume 101: joys of consumerism at Campus Fest" in the University of British Columbia
University of British Columbia
The University of British Columbia is a public research university. UBC’s two main campuses are situated in Vancouver and in Kelowna in the Okanagan Valley...
's student-run newspaper, The Ubyssey. His words were most recently featured in a 2007 web-based documentary about the life-cycle of goods and services called The Story of Stuff
The Story of Stuff
The Story of Stuff is a short polemical animated documentary about the lifecycle of material goods. The documentary is critical of excessive consumerism and promotes sustainability....
, as well as a 2009 opinion column by Andy Coghlan in New Scientist
New Scientist
New Scientist is a weekly non-peer-reviewed English-language international science magazine, which since 1996 has also run a website, covering recent developments in science and technology for a general audience. Founded in 1956, it is published by Reed Business Information Ltd, a subsidiary of...
magazine.