In the novel The Great Gatsby (1925) by F. Scott Fitzgerald, Fitzgerald portrays the discrepancy between the different social classes of the Roaring Twenties, particularly the upper class. The 1920s was an era of surging economic growth and mass consumerism, both of which are themes that Fitzgerald explores in his novel. The difference between “old money” and “new money” is that those who are “old money” are individuals who were born into wealthy families with great influence, whereas the latter made their fortune and became wealthy during the economic boom of the 1920s. Although ultimately, the one thing that money cannot buy is happiness. Fitzgerald equates the pursuit of the American dream during the 1920s with materialism which he criticizes as shallow and hollow.

The “old money” faction of the upper class lives in East Egg, while the “new money” lives in West Egg. This is reflected through the location of the characters. Daisy Buchanan and Tom Buchanan who lives in the East Egg are “old money.” They live in a “fashionable” “white palace” and own “a string of polo ponies,” which the narrator Nick Carraway finds shocking that “a man in [his] own generation was wealthy enough to do that” (Fitzgerald 7-8). Both of them came from wealthy families, and their possessions reflect that fact. Horseback riding was a hobby only of wealthy families who has been rich for generations, which further illustrates the status, power, and nobility of “old money” in their social circles. On the other hand, “new money” like Jay Gatsby lives in the West Egg. They generally have less wealth than old money -- Gatsbyʼs “mansion” is less luxurious than that of the Buchanansʼ “palace” (Fitzgerald 7). Although Gatsby has wealth comparable to that of the “old money,” unlike Tom, he has a sense of insecurity about his newfound wealth and thus attempts to compensate for that by throwing lavish parties “every weekends . . . between nine in the morning and long past midnight” (Fitzgerald 32). Furthermore, Gatsby hides his true identity. He likely had a rags-to-riches back story and came from the working or middle class. But instead, Gatsby chose to present himself as coming from a wealthy family, as if he is “old money.”

Even though the “old money” and “new money” both have an absurd amount of money, the one thing that they cannot buy is true happiness. This is reflected in the characters of Jordan Baker and Daisy Buchanan since they spend most of their time just sitting on the couch doing nothing. The lifestyle of the wealthy can be described as “never car[ing] what [they] do, so [they] always have a good time” (Fitzgerald 35). The residents of West Egg are so wealthy that they ceased to have a goal in life, and so they lull in entertainment to try to find meaning in life. Through their lifestyle, Fitzgerald criticizes the hollow pursuit of materialism during the 1920s, as people stopped looking inward, or in other words, stopped caring about valuable things like intellect and knowledge which transcends all things materialistic. Instead, they hope to fill the empty void in their mind by indulging themselves in the pursuit of money, which they hope would bring happiness. The pursuit of the American dream, which is often equated to the pursuit of wealth, is thus a shallow pursuit and is the moral downfall of society.