Oswald Veblen

Oswald Veblen was an American economist and sociologist known for his critique of capitalism and his analysis of social behaviors concerning consumption. He introduced the concept of "conspicuous consumption," referring to the practice of using wealth to display social status. Veblen believed that economic behavior is influenced not only by rational decision-making but also by social and cultural factors. His work challenged traditional economic theories by emphasizing the importance of social class, culture, and the psychological motives behind economic actions, making significant contributions to institutional economics and social theory.