Thorstein Veblen

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Noun1.Thorstein Veblen - United States economist who wrote about conspicuous consumption (1857-1929)
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Coverage encompasses Ibn Khaldun, Auguste Comte, Harriet Martineau, Alexis de Tocqueville, Karl Marx, Herbert Spencer, Thorsten Veblen, Georg Simmel, Emile Durkheim, Charlotte Perkins Gilman, Max Weber, George Herbert Mead, William Edward Burghardt Du Bois, Joseph A.
One hundred and ten years ago Norwegian-American economist Thorsten Veblen said people buy expensive stuff to show off.
It then associates dynamic change with American institutionalism and evolutionary social theory as pioneered by Wesley Mitchell and Thorsten Veblen, pausing on the way to draw attention to the static equilibrium analysis of supply and demand (contrasted with their dynamic counterpart in the theory of production and employment).