b1shop comments on Be Happier - Less Wrong
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Sure, but this is something that could be said of everything - everything has consequences which one has not foreseen. That's the first law of ecology.
Unless you have specific reason to bring that up, or good evidence that the obvious benefits are outweighed by subtler negative externalities that others have noticed, or something, why are we discussing it?
Because the linked-to study simply says "conspicuous consumption has negative externalities" and the conclusion given is "Avoid Conspicuous Consumption." I call foul.
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^ This is specific to wealth and cannot (necessarily) be said of other forms of status, such as fitness.