Thorstein Veblen

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Thorstein Veblen (July 30, 1857 – August 3, 1929) was an American economist and sociologist, known for his critique of capitalism and his analysis of social institutions. He is best known for his book The Theory of the Leisure Class (1899), in which he introduced the concept of conspicuous consumption.

Early Life and Education

Veblen was born in Cato, Wisconsin, to Norwegian immigrant parents. He grew up in a rural setting and was fluent in both English and Norwegian. Veblen attended Carleton College in Minnesota, where he graduated in 1880. He later pursued graduate studies at Johns Hopkins University and earned his Ph.D. in philosophy from Yale University in 1884.

Academic Career

Veblen's academic career included teaching positions at several universities, including University of Chicago, Stanford University, and University of Missouri. His work often critiqued the prevailing economic theories of his time, particularly those of the neoclassical school.

Major Works

The Theory of the Leisure Class

Published in 1899, The Theory of the Leisure Class is Veblen's most famous work. In it, he introduced the concept of conspicuous consumption, which describes the spending of money on luxury goods and services to publicly display economic power.

The Theory of Business Enterprise

In 1904, Veblen published The Theory of Business Enterprise, where he examined the role of business in society and its impact on technological advancement and economic development.

Other Works

Veblen also wrote several other influential books and articles, including The Instinct of Workmanship and the State of the Industrial Arts (1914) and Imperial Germany and the Industrial Revolution (1915).

Contributions to Economics and Sociology

Veblen's work laid the foundation for the field of institutional economics, which emphasizes the role of social and cultural factors in economic behavior. His ideas have influenced a wide range of disciplines, including sociology, anthropology, and political science.

Personal Life

Veblen's personal life was marked by controversy and instability. He had a tumultuous marriage and faced difficulties in his professional relationships. Despite these challenges, his intellectual contributions have had a lasting impact on the social sciences.

Legacy

Thorstein Veblen is remembered as a pioneering thinker who challenged conventional economic theories and offered new insights into the social and cultural dimensions of economic life. His concepts of conspicuous consumption and institutional economics continue to be relevant in contemporary discussions of economic and social issues.

Related Pages

• Conspicuous consumption
• Institutional economics
• The Theory of the Leisure Class
• The Theory of Business Enterprise
• University of Chicago
• Stanford University
• University of Missouri