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The Theory of the Leisure Class: An Economic Study of Institutions (1899), by Thorstein Veblen, is a treatise on economics and a detailed, social critique of conspicuous consumption, as a function of social class and of consumerism, derived from the social stratification of people and the division of labour, which are the social institutions of the feudal period (9th – 15th centuries) that have continued to the modern era. Conducted in the late 19th century, Veblen’s socio-economic analyses of the emergent division of labour proved to be accurate, sociological predictions of the economic structure of an industrial society.
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Thorstein Veblen (1857-1929) was an American economist whose criticisms of the nation’s capitalism and businesses combined Darwinian evolutionary theory with broad sociological principles. The result, known as institutional economics, was extremely influential at the time of the Great Depression. He wrote such classic critiques of capitalism as The Theory of the Leisure Class and The Theory of Business Enterprise.
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