The Theory of the Leisure Class

Focusing on the critique of conspicuous consumption, Veblen examines how social class influences economic behavior. He argues that modern businessmen engage in unproductive activities that showcase wealth, while the working and middle classes contribute to society through productive labor. His analysis highlights the evolution of human institutions from feudal times to the industrial era, emphasizing the role of technology and the division of labor in shaping economic structures. Veblen's work serves as a sociological prediction of the dynamics within an industrial society.