The Theory of the Leisure ClassThorstein Veblen (1857-1929), the controversial American economist and social critic, argues that economics is essentially a study of the economic aspects of human culture, which are in a constant state of flux. In his best-known work, The Theory of the Leisure Class (1899), Veblen appropriated Darwin's theory of evolution to analyze the modern industrial system. While industry itself demanded diligence, efficiency, and cooperation, businessmen in opposition to engineers and industrialists were only interested in making money and displaying their wealth in what Veblen coined "conspicuous consumption." Veblen's keen analysis of the psychological bases of American social and economic institutions laid the foundation for the school of institutional economics. |
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æsthetic animistic anthropomorphic cults appreciable aptitudes archaic beauty canons of reputability character characteristic chiefly civilised commonly conservatism conservative conspicuous consumption conspicuous leisure conspicuous waste consumer degree devout observances direction divinity dominant dress economic effect efficiency effort element employments emulation especially ethnic types everyday evidence exigencies expenditure expression fact ground habit of mind habits of thought hand higher honorific honour human nature ideal imputed individual industrial community industrial process instinct of workmanship institutions invidious comparison labour learning leisure class less manual labour matter men's ment methods modern industrial motive munity nomic non-invidious organisations peaceable pecuniary culture pecuniary decency pecuniary reputability persons phase point of view population predaceous predatory culture present priestly productive propensity proprieties purpose quasi-peaceable regards relation relatively respect scheme selective sense servants serve social spiritual stage standard substantial sumption survival tabu temperament theory THORSTEIN VEBLEN tion to-day traits true usage vicarious leisure vogue wealth women