Anthony Patch and his wife Gloria navigate the slow disintegration of their marriage and social standing while awaiting a family inheritance that remains perpetually out of reach. Anthony, a Harvard-educated socialite, and Gloria, a beautiful social climber, occupy their time with the excesses of New York City nightlife during the Jazz Age. Their primary objective is to maintain a lifestyle of leisure and luxury, but they are constantly opposed by the volatility of their own characters, the erosion of their financial resources, and the unpredictable nature of Anthony's grandfather. The narrative framework utilizes a third-person perspective to observe the couple's descent into apathy and moral decay, highlighting the tension between their aspirations and their lack of discipline.

Readers and critics frequently discuss the novel as a stark examination of the moral and financial decline inherent in the pursuit of unearned wealth. Discussion often centers on the unsympathetic nature of the protagonists, which some find challenging while others view as a deliberate stylistic choice by the author. The pacing is often described as deliberate, reflecting the aimless existence of the characters as they drift through their social circles. Many highlight the effectiveness of the atmosphere in capturing the specific disillusionment of the post-war era. The work remains a subject of debate regarding its structural balance between social commentary and character development.