From Keith Hudson
Mark van Vugt embraces the application of the evolutionary theory of multilevel selection in economics (23 November, p 30). Just as the theory was spurned in biology for most of the past century, so has the multilevel influence of a “keeping up with the Joneses” mindset in economics. It might be individually motivated, but it has benefits at the group level.
Only recently have a few economists realised that, in rich countries, individuals spend most of their discretionary income on gaining status in this way. This is a significant component of GDP and, thus, an important driver of economic growth for at least the past 200 years.
Saltford, Somerset, UK
