More than a century has passed since the publication of Veblen’s most well-known book, The Theory of the Leisure Class: An Economic Study of Institutions. The book was published in 1899, near the end of the Gilded Age. In the United States, it was a time of almost unprecedented growth in inequality of income and wealth. Because the incomes of top earners had been rising very rapidly during the 1890s, their consumption was particularly conspicuous. Similar rapid growth of income and wealth among the rich today may help explain the current resurgence of interest in Veblen’s ideas. The characterizations of the wealthy in his writings seem especially relevant to recent scandals that reveal the elites’ use of secret offshore trusts and shell companies to buy villas on the French Riviera, medieval castles, fine art, luxury yachts and private jets, and to pay tuition fees for their offspring at elite universities in the US and UK. Veblen’s work continues to demonstrate the value of interdisciplinary studies. His work reaches beyond economics into other disciplines since he is not thinking of the disciplines as rigid categories.
Thorstein Veblen: More relevant than ever
Thorstein Veblen is more relevant than ever.
- April 7, 2022
- Odd-Helge Fjeldstad