After reading Thorstein Veblen's entry in the Encyclopedia Britannica and a few pages from his famous work "The Theory of the Leisure Class," I feel ready to have a presentation based on the readings for this unit.

Thorstein Veblen was an American economist and social scientist who tried to look at economic systems through the lens of evolution. Veblen's 1899 work "The Theory of the Leisure Class" criticizes the lifestyle of the leisure class by introducing ideas like "conspicuous consumption" and "pecuniary emulation." This piece emphasizes the contrast between how hardworking the working class is and how showy the leisure class's wealth is. It does this by showing a survivalist mindset reminiscent of a predatory, barbarian past (Britannica, 2023)

Not only did Veblen criticize economics, but he also talked about sociology, ethics, and philosophy. He notices that the things the ruling class does, like hobbies, fashion, sports, religion, and artistic tastes, are often just ways for them to show off their power and wealth instead of helping society or the economy grow. This viewpoint earned Veblen a reputation as a critical social commentator, transcending the boundaries of traditional economic theory (Britannica, 2023).

In his later work, "The Theory of Business Enterprise" (1904), he wrote more about the conflict between the business world's desire to make money and show off its wealth and the industrial process's need for efficiency and unity. Veblen's unique method, which combines Darwinian evolutionism with economic and social criticism, challenges common economic theories and shows how cultural and social factors affect how businesses act (Britannica, 2023).

Taking these readings into account, Veblen's work gives us a critical look at the social and economic systems of his time, giving us ideas that help us understand how complicated modern economic life is.

References:

Britannica. (2023). Thorstein Veblen. Encyclopedia Britannica. Retrieved from https://www.britannica.com/biography/Thorstein-Veblen

Veblen, T. (2013). The Theory of the Leisure Class: An Economic Study of Institutions. Project Gutenberg. Retrieved from http://www.gutenberg.org/files/833/833-h/833-h.htm#link2HCH0001

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