The central conflict arises when the inherited wealth of a young socialite couple begins to dissipate, exposing the fragility of their lifestyle and personal values. Anthony Patch and Gloria Gibson navigate the social circles of 1920s New York, prioritizing aesthetic pleasure and status over professional ambition or fiscal responsibility. Their objective is to maintain a life of perpetual leisure, yet they are constantly opposed by the realities of economic decline and the erosion of their own character. The narrative framework utilizes a third-person perspective to observe the gradual disintegration of their marriage as their financial resources vanish.

Readers and critics frequently identify this work as a definitive portrait of the disillusionment inherent in the post-war era. Discussion often centers on the stark contrast between the initial glamour of the protagonists and their eventual moral and financial bankruptcy. Many observers highlight the author's ability to capture the specific atmosphere of the 1920s while maintaining a critical distance from the characters' self-destructive behaviors. The pacing is often noted for its slow, deliberate descent, mirroring the slow depletion of the couple's fortune. This novel remains a frequent subject of analysis regarding the intersection of wealth, identity, and the loss of youthful idealism.