Thorstein Veblen
Thorstein Veblen (1857–1929), the American economist and sociologist, is best known for coining “conspicuous consumption” in The Theory of the Leisure Class. He critiqued how elites used wealth not for utility but for display, shaping social hierarchies through consumption. Veblen’s sharp analysis exposed the irrationality of capitalism, contrasting industrial efficiency with wasteful status-seeking. His ideas challenged orthodox economics, blending social critique with evolutionary theory. Though often marginalized in academia, his insights influenced institutional economics and cultural critiques of consumerism. Veblen remains a penetrating voice on how material display distorts values, revealing the paradoxes of modern economic life.
Possessions serve as symbols of honor, not utility, and social esteem depends on visible waste.