Thorstein Veblen
Videos
Thorstein Bunde Veblen was an American economist and sociologist who, during his lifetime, emerged as a well-known critic of capitalism. In his best-known book, The Theory of the Leisure Class, Veblen
Veblen 3a
The Thorstein Veblen Farmstead in 2014
Conspicuous consumption
Videos
In sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical
Thorstein Veblen
…lifetime, emerged as a well-known critic of capitalism. In his best-known book, The Theory of the Leisure Class (1899), Veblen coined the concepts of conspicuous consumption and conspicuous leisure. Veblen laid the foundation for the perspective of institutional economics. Contemporary economists still theorize Veblen's…
In the 19th century, the philosopher John Stuart Mill recommended taxing the practice of conspicuous consumption.