Definition

Proper noun: - An American economist and sociologist: Thorstein Veblen was a prominent social critic and thinker. He is best known for his analysis of economic systems and social institutions, particularly his concept of "conspicuous consumption."

Usage

• Proper noun:
  • The economic theories of Thorstein Veblen were groundbreaking for their time.
  • In his book, the author cites Thorstein Veblen's work on the leisure class.

Advanced Usage

• "Veblenian" (adjective): Pertaining to or characteristic of the ideas of Thorstein Veblen.
  • The article offered a Veblenian critique of modern advertising.
• "Veblen good" (noun): In economics, a type of luxury good for which demand increases as its price increases, because of its exclusive nature and status appeal. This concept is derived from Veblen's analysis of conspicuous consumption.
  • Some luxury handbags are considered Veblen goods.

Variants and Related Words

• Veblen, Thorstein Bunde Veblen: Full name variants.

Synonyms

• Economist, social theorist, sociologist.

Related Concepts and Terms

• Conspicuous consumption: The act of buying and using products to publicly display economic power and social status, a term popularized by Veblen.
  • The purchase of expensive cars is often an example of conspicuous consumption.
• The Theory of the Leisure Class: The title of Veblen's most famous book (1899), which introduced his key ideas.
  • "The Theory of the Leisure Class" remains a classic text in sociological economics.

Noun

1. United States economist who wrote about conspicuous consumption (1857-1929)