Conspicuous Consumption by Thorstein Veblen

Thorstein Veblen challenged the eternal varieties of America at the turn of the century. His Theory of the Leisure Class which came out in 1899 is still in print.

In the United States, it was a time of almost unprecedented growth in inequality of income and wealth. People in every socio-economic group have always consumed in accordance with their income.

But because the incomes of top earners had been rising very rapidly during the 1890s, their consumption was particularly conspicuous.

Thorstein Veblen stressed that conspicuous consumption is a result of the industrial system where the rate of productivity has increased tremendously as well as the volume of production and wealth.

Such behavioral traits are both the effect of emulation and imitation of the wealthiest citizens and countries as well as increased productivity and wealth.

Thorstein Veblen was born in Manitowoc County, Wisconsin on July 30, 1857 and died in Palo Alto, California on August 3, 1929.

The years of his life coincided with momentous events and changes in American society. He was educated at Carleton College, Johns Hopkins, Yale and Cornell. He taught at the University of Chicago, Stanford University, the University of Missouri and at the New School for Social Research in New York.
Conspicuous Consumption by Thorstein Veblen