| I believe a Veblen-argument can be made to characterize these changes as dropping the most conspicuous things. As Lauren points out, the most important thing for the rich is to stay in their social class. If dropping the private jet allows one to stay afloat and remain part of the elite, this would be done. However, I admittedly do not know if flying coach itself would drop you from the class.
On the other hand, if the rich could still afford to be part of the ultra-elite, one could argue that the least conspicuously wasteful things would be discarded first. This decision itself would be an exhibition of conspicuous waste demonstrating superior pecuniary strength; these people are so rich that although they must cut costs like everyone else, they can cut the most useful, rational expenditures and still be part of the upper class.
-- KeithEdelman - 31 Mar 2009
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