Thorstein Veblen

Thorstein Veblen (1857-1929) was an American economist and sociologist known for his critical analysis of capitalism and innovative approach to economic theory. Born to Norwegian immigrant parents in Wisconsin, he earned his Ph.D. from Yale in 1884 and is best remembered for his seminal work 'The Theory of the Leisure Class' (1899), which introduced the concept of 'conspicuous consumption' and laid the foundation for institutional economics.