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Thorstein Veblen: Short Bio & Economic Theories & Ideas

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Issue:

Business

 

Written by:

Anonymous

 

Date added:

December 1, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

2 / 408

 

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6630 times

 

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Ideas like this were prevalent in most of his writings and economic theories. Society, to Veblen, could be described as a division of classes. The "leisure class" and the "industrious class", the former being described as a predator, parasitic and harmful to society, and the latter being the members who produce goods...
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This mostly came from his most famous work, The Theory of the Leisure Class, in which he coined the phrase "conspicuous consumption", which referred mainly to the constant American competition for social status. Veblen did not subscribe to the logic and natural law which formed the backbone of most economic theories of his day...
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