Thorstein Veblen
American economist and sociologist (1857–1929); coined conspicuous consumption; a founder of institutional economics.
At a glance
Main ideas
Conspicuous consumption, Conspicuous leisure, Pecuniary emulation …
See all 5Books to start with
The Theory of the Leisure Class, The Theory of Business Enterprise, The Instinct of Workmanship and the State of the Industrial Arts …
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Also on this page: Key facts · Links · Sources · Related pages
- Veblen was an American economist and sociologist and a well-known critic of capitalism in his lifetime.
- In The Theory of the Leisure Class (1899) he coined the terms conspicuous consumption and conspicuous leisure.
- He laid the foundation for institutional economics, which studies the economy as embedded in social institutions.
- He was a leading intellectual of the Progressive Era and attacked production for profit.
Why it matters
- He coined conspicuous consumption and conspicuous leisure, and economists still theorize his distinction between institutions and technology.
Key facts
- Born
- 30 Jul 1857, Cato, Wisconsin, to Norwegian immigrant parents1
- Died
- 3 Aug 1929, Menlo Park, California1
- Education
- Carleton College (graduated 1880); Johns Hopkins; PhD, Yale (1884)1
- Career
- University of Chicago from 1892; Stanford from 1906 to 1909; University of Missouri from 19111
- The New School
- Among the group that founded it in 1919; wrote there until 19261
Main ideas
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Conspicuous consumption1
Spending more on goods than they are worth, to display social power and prestige.
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Conspicuous leisure1
Non-productive use of time to show status; productive work came to mark inferiority.
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Pecuniary emulation1
People compete by imitating the displays of those above them.
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Business against industry1
Owners limit production to keep profits high, harming society as a whole.
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Trained incapacity1
Abilities can work as blind spots when circumstances change.
Books to start with
The line under a date fills as it gets older: empty when new, full at 2 years.
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The Theory of the Leisure Class1
His first and best-known book.
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The Theory of Business Enterprise1
Profit-seeking against the making of useful goods.
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The Instinct of Workmanship and the State of the Industrial Arts1
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The Higher Learning in America1
On the running of universities by businessmen.
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The Engineers and the Price System1
Proposed a "soviet of engineers".
Connections
Links
Sources
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