Thorstein Veblen

Thorstein Veblen (1857–1929) was an American economist and social critic, best known for his 1899 work The Theory of the Leisure Class. Born in Wisconsin to Norwegian immigrant parents, he studied at Johns Hopkins and Yale, earning a PhD in philosophy. Veblen developed the concept of "conspicuous consumption," arguing that the wealthy engage in wasteful spending to signal social status. His writing combined evolutionary biology, anthropology, and economics to critique capitalist society. Though controversial in his time, Veblen's ideas influenced institutional economics and sociological theory. His legacy endures in discussions of consumer culture, inequality, and the social functions of wealth.