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The Theory of the Leisure Class: An Economic Study of Institutions

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The Theory of the Leisure Class – An Economic Study of Institutions (1899), by Thorstein Veblen, is a treatise of economics and sociology, and a critique of conspicuous consumption as a serve as of social class and of consumerism, that are social activities derived from the social stratification of people and the division of labor; the social institutions of the feudal period (9th–15th c.) that experience continued to the up to date era.

Thorstein Bunde Veblen (July 30, 1857 – August 3, 1929) was once an American economist and sociologist who, all through his lifetime, emerged as a well known critic of capitalism.

In his best possible-known book, The Theory of the Leisure Class (1899), Veblen coined the concepts of conspicuous consumption and conspicuous leisure. Historians of economics regard Veblen as the founding father of the institutional economics school. Latest economists still theorize Veblen’s distinction between “institutions” and “technology”, referred to as the Veblenian dichotomy.

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Author	Thorstein Veblen

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