Thorstein Veblen

Thorstein Veblen was an American economist and sociologist best known for his critique of consumerism and capitalism in the early 20th century. He introduced the concept of "conspicuous consumption," which refers to the practice of spending money on luxury goods to display wealth and social status. Veblen's work highlighted how social dynamics and cultural factors influence economic behavior. He believed that many economic choices are driven by social status rather than necessity, challenging traditional economic theories that focused solely on individual rationality and utility. His ideas continue to influence discussions on economics, sociology, and consumer culture.