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Quote by Thorstein Veblen

Work

A Veblen Treasury: From Leisure Class to War, Peace, and Capitalism

Drawing from Veblen's foundational work on the theory of the leisure class, this collection delves into the critical analysis of how conspicuous consumption and status-seeking behaviors shape economic systems. The book examines Veblen's perspectives on the relationship between industrial production and financial interests, particularly his observations about how business enterprises pursue profit maximization through practices that may not align with broader social welfare. The analysis extends to Veblen's insights on the role of price-setting and the tension between making goods and making money, exploring how these dynamics influence economic stability and conflict. Throughout the work, Veblen's critique of the capitalist system and its inherent contradictions provides a framework for understanding broader economic behaviors and their social implications. more

Author

Thorstein Veblen
Thorstein Veblen

Thorstein Veblen was an American economist known for his sociological perspective on economics and his critical analysis of economic theories. His work, 'The Theory of the Leisure Class,' had a profound impact on later economics and sociology. more

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“The chief use of servants is the evidence they afford of the master's ability to pay.”

“It is much more difficult to recede from a scale of expenditure once adopted than it is to extend the accustomed scale in response to an accession of wealth.”

“In the rare cases where it occurs, a failure to increase one's visible consumption when the means for an increase are at hand is felt in popular apprehension to call for explanation, and unworthy motives of miserliness are imputed.”

“A standard of living is of the nature of habit. ...it acts almost solely to prevent recession from a scale of conspicuous expenditure that has once become habitual.”