"The utility of the fast horse lies largely in his efficiency as a means of emulation; it gratifies the owner's sense of aggression and dominance to have his own horse outstrip his neighbor's. This use being not lucrative, but on the whole pretty consistently wasteful, and quite conspicuously so, it is honorific, and therefore gives the fast horse a strong presumptive position of reputability. Beyond this, the race-horse proper has also a similarly non-industrial but honorific use as a gambling instrument."
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https://en.wikiquote.org/wiki/The_Theory_of_the_Leisure_Class
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The Theory of the Leisure Class
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