The Theory of the Leisure Class by Thorstein Veblen
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The Theory of the Leisure Class

The Theory of the Leisure Class


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About the Book

Thorstein 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.
About the Author: THORSTEIN B. VEBLEN, the son of Norwegian immigrants, was born in Valders, Wisconsin, on July 30, 1857, and was raised in rural Minnesota. He graduated from Carleton Col-lege in Northfield, Minnesota, in 1880 and earned his doc-torate from Yale in 1884.

An economist and social critic, Veblen dissected Ameri-can social and economic institutions and analyzed their psy-chological bases, laying the foundations for the study of institutional economics. In The Theory of Business Enter-prise (1904), he described the inherent conflict between the processes of technology and industry and those of business: Technology, the making of goods, naturally tended toward maximum efficiency in production, while business, the mak-ing of money, profited from monetary manipulation and restrictions on output to create artificially high prices.

Despite the effects these theories have had on the study of modern economics, it was The Theory of the Leisure Class, published in 1899, that became Veblen's best-known work. In it, he introduced the now classic concept of "con-spicuous consumption." Other books include The Instinct of Workmanship and the State of the Industrial Arts (1915) and The Engineers and the Price System (1921).

After retiring from a teaching career that included tenures at the University of Chicago, Stanford University, the Uni-versity of Wisconsin, and The New School for Social Research in New York City, Veblen died near Menlo Park, California, on August 3, 1929.


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Product Details
  • ISBN-13: 9781573922197
  • Publisher: Prometheus Books
  • Publisher Imprint: Prometheus Books
  • Depth: 32
  • Height: 212 mm
  • No of Pages: 404
  • Series Title: Great Minds
  • Sub Title: An Economic Study of Institutions
  • Width: 141 mm
  • ISBN-10: 1573922196
  • Publisher Date: 01 Jun 1998
  • Binding: Paperback
  • Edition: Reprint
  • Language: English
  • Returnable: Y
  • Spine Width: 23 mm
  • Weight: 530 gr


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