Thorstein Veblen was the founder of the institutionalist school of economics and was also a critic of marginalist theory.
What was Thorstein Veblen known for?
Veblen is most known for his book The Theory of the Leisure Class, which popularized the term "conspicuous consumption" (defined as consumption done to flaunt one's class or achievements to others). Veblen is best recognized for this phrase more than any other.
What did Thorstein Veblen meant by conspicuous consumption?
Displaying extravagant riches to improve one's standing and reputation in society is known as conspicuous consumption. American economist and sociologist Thorstein Veblen originally addressed the subject in his book "The Theory of the Leisure Class" published in 1899.
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