The Theory of the Leisure Class: An Economic Study of Institutions

The Theory of the Leisure Class: An Economic Study of Institutions (1899), written by Norwegian-American sociologist and economist Thorstein Veblen, is a critique of consumerism and conspicuous culture promoted by the wealthy leisure class in America during the Industrial era. Veblen proposes that economics is not simply the study of markets and cash flow; it must include sociological analysis to accurately reflect a society’s consumption patterns and their cultural and economic repercussions. Though the book is a serious socio-economic study, Veblen’s tone is often satirical, and his disdain for the leisure class is evident. In addition to straightforward historical and economic discussion, the text includes humorous and exaggerated passages meant to illustrate the corruption and wastefulness of those Veblen considers socially unproductive. The book was critically well-received in its day and has been lauded for predicting many problems of 20th- and 21st-century American consumerism.

A Note on Content: Veblen refers to pseudo-scientific racial categories and theories of social development that have long been debunked. These terms are replicated in this summary quotation marks when they are used within Veblen’s theoretical framework. Veblen also assumes a patriarchal society in which women are wholly dependent upon men.