Thorstein Veblen

Date of Birth: July 30, 1857

Zodiac Sign: Leo

Date of Death: August 3, 1929

Biography

Thorstein Veblen was a renowned American economist and sociologist known for his critical analysis of capitalism and his exploration of economic behavior in society. Born on July 30, 1857, in Cato, Wisconsin, Veblen was the fourth of twelve children in a Norwegian immigrant family. He grew up on a farm, which gave him a unique perspective on economic and social issues. Veblen attended Carleton College in Minnesota, and later, he pursued graduate studies at Johns Hopkins University and Yale University, where he earned his Ph.D. in philosophy in 1884. His academic career included teaching positions at the University of Chicago, Stanford University, and the University of Missouri. He is best known for his book “The Theory of the Leisure Class,” published in 1899, which introduced the concept of “conspicuous consumption” — the idea that people purchase goods to display wealth and social status rather than for their intrinsic value. Veblen’s work laid the foundation for the field of institutional economics and influenced many future economists and sociologists. Despite his significant contributions to economic theory, Veblen’s personal life was tumultuous. He had a troubled marriage and faced difficulties in maintaining stable academic positions due to his unconventional ideas and abrasive personality. He passed away on August 3, 1929, in Menlo Park, California.

5 Interesting Facts about Thorstein Veblen

1. Veblen was fluent in Norwegian and English, and he often read classical literature in both languages.

2. He coined the term “conspicuous consumption” to describe how people use wealth to signal social status.

3. Veblen was a critic of the American higher education system, which he viewed as overly influenced by business interests.

4. He never held a permanent academic position for long, often due to his critical views and difficult personality.

5. Veblen’s ideas influenced the development of the field of institutional economics, which examines the role of institutions in shaping economic behavior.

5 Most Interesting Quotes from Thorstein Veblen

1. “Invention is the mother of necessity.”

2. “The addiction to sports, therefore, in a peculiar degree marks an arrested development in man’s moral nature.”

3. “The outcome of any serious research can only be to make two questions grow where only one grew before.”

4. “In point of substantial merit the law school belongs in the modern university no more than a school of fencing or dancing.”

5. “Conspicuous consumption of valuable goods is a means of reputability to the gentleman of leisure.”

Highest Net Worth Achieved

Thorstein Veblen’s highest net worth was relatively modest compared to contemporary economists, given his academic background and personal financial challenges. There is no specific figure documented.