Thorstein Veblen was an American economist during the late 19th century and the archaeozoic 20th century. This was a time where America was seeing the effect of the industrial revolution and the results of deregulated industry. These loose regulations allowed for the emergence of the exceedingly lavish class that owned large companies. These people were called robber barons and were know for their exuberant expenditure and lavish lifestyles. Thorstein criticized this spending and called it wasteful and believed that it didnt help the economy. In Thorsteins first and roughly noted book, The Theory of the Leisure Class, he coined this kind of spending as conspicuous uptake. Thorstein was critical of the businessman for their greed and their style to spend money for non-productive things.
He attended Carlton College in manganese and then Yale University for graduate studies. He wrote his first book in 1899, The Theory of the Leisure Class, and then also wrote The Theory of employment Enterprise in 1904, both were similar because they both criticized the spending of the pixilated. Along with these books he also worked for University of Chicago, Stanford University, and the University of Missouri.
He is credited with creation one of the founders of institutional economics.
The way he described the wealthy class was controversial because he used humor and magnification to show the hierocracies of the wealthy. Some people believed he shouldnt be taken seriously because of how ridiculous his exaggerations would get. But he became most famous after his death during the Great Depression, when his writings had execute true and people believed that the wealthy class should be reformed. Although he was not a socialist, he influenced many socialists with his criticism of the super wealthy. His ideas are not considered outdated and the term conspicuous consumption is still used today to describe outlandish spending.If you want to get a full essay, order it on our website: Orderessay
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