Thorstein Veblen
Thorstein Veblen
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 distinction between "institutions" and "technology", known as the Veblenian dichotomy.
Thorstein Veblen
As a leading intellectual of the Progressive Era in the US, Veblen attacked production for profit. His emphasis on conspicuous consumption greatly influenced economists who engaged in non-Marxist critiques of fascism, capitalism, and technological determinism.
Early life and family background
Veblen was born on July 30, 1857, in Cato, Wisconsin, to Norwegian-American immigrant parents, Thomas Veblen and Kari Bunde. He was the sixth of twelve children.
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