Thorstein Veblen

Thorstein Veblen was a Norwegian-American economist and sociologist best known for his incisive critiques of capitalism and his foundational contributions to institutional economics. His most influential work, "The Theory of the Leisure Class," introduced groundbreaking concepts such as "conspicuous consumption" and "conspicuous leisure," which examined how wealth and social status are displayed through wasteful economic practices. This seminal book established Veblen as a leading intellectual during the Progressive Era and remains a cornerstone of socioeconomic analysis.

Veblen's work distinguished between "institutions" and "technology," a framework now referred to as the Veblenian dichotomy in contemporary economic discourse. As a prominent figure in institutional economics, he challenged production-for-profit systems and provided socialist thinkers with a non-Marxist perspective on capitalism's flaws. His sharp wit and analytical rigor positioned him as both a respected scholar and a provocative critic of prevailing economic structures.