Thorstein Veblen was born on July 30, 1857, in Wisconsin, to a family of Norwegian heritage. Growing up, he spoke English as a second language, reflecting his cultural background. Veblen began his academic journey at Carleton College, where he laid the foundation for his future studies. He went on to pursue his higher education at Johns Hopkins University, where he delved deeper into economic theory and developed a passion for critiquing capitalist systems.
After completing his education, Veblen ventured into academia, serving on the faculty of both the University of Chicago and the University of Missouri. It was during his tenure at these esteemed institutions that he honed his intellectual prowess and solidified his reputation as a groundbreaking economist.
Veblen is best known for his seminal work, The Theory of the Leisure Class, which was published in 1899. In this influential book, he merged Darwinism with economic theory to offer a scathing critique of capitalism and its social implications. He also authored other significant works, including Theory of Business Enterprise (1904) and Imperial Germany and the Industrial Revolution (1915). Veblen is credited with coining the term "conspicuous consumption," shedding light on the wasteful spending habits of the elite.
In 1888, Veblen married Ellen Rolfe; however, their union ended in divorce in 1911. He later found love again and tied the knot with Ann Bradley. Tragically, Ann passed away, leaving Veblen to care for her daughters. Despite the personal challenges he faced, Veblen remained committed to his academic pursuits and continued to shape the economic discourse of his time.
Veblen's influence extended far beyond his lifetime, with fellow intellectuals like Franz Boas frequently engaging with his ideas. His innovative approach to economic theory and social criticism paved the way for future generations of scholars to challenge prevailing ideologies and advocate for social change. Veblen's work remains relevant today, offering valuable insights into the complexities of modern capitalism.
Related links