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At the level of theory, Frank's claim can be reduced toa single

sentence: since people make many luxury-type expenditures largely or

only to improve relative position, we should adopt policies that

produce more savings, and more equity, while breaking a form of

competition that does little good for anyone, including the rich.

Such an argument is both plausible and ingenious, and it is

refreshing to find illuminating new arguments offered in the service

of a fairer social order. But I am not sure that Frank is right. He

overstates the wastefulness of purchases of luxury goods, and he

understates the difficulties associated with a progressive

consumption tax.

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