Thorstein Veblen Quote
The quasi-peaceable gentleman of leisure, then, not only consumes of the staff of life beyond the minimum required for subsistence and physical efficiency, but his consumption also undergoes a specialisation as regards the quality of the goods consumed. He consumes freely and of the best, in food, drink, narcotics, shelter, services, ornaments, apparel, weapons and accoutrements, amusements, amulets, and idols or divinities.
Thorstein Veblen
The quasi-peaceable gentleman of leisure, then, not only consumes of the staff of life beyond the minimum required for subsistence and physical efficiency, but his consumption also undergoes a specialisation as regards the quality of the goods consumed. He consumes freely and of the best, in food, drink, narcotics, shelter, services, ornaments, apparel, weapons and accoutrements, amusements, amulets, and idols or divinities.
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About Thorstein Veblen
In his best-known book, The Theory of the Leisure Class (1899), Veblen coined the concepts of conspicuous consumption and conspicuous leisure. Veblen laid the foundation for the perspective of the institutional economics. Contemporary economists still theorize Veblen's distinction between "institutions" and "technology", known as the Veblenian dichotomy.
As a leading intellectual of the Progressive Era in the US, Veblen attacked production for profit. His emphasis on conspicuous consumption greatly influenced economists who engaged in non-Marxist critiques of fascism, capitalism, and technological determinism.