(Norwegian-American sociologist and economist, 1857–1929). Veblen was the founder, along with John R. Commons, of the Institutional economics movement. He is most famous for his book The Theory of the Leisure Class (1899), a satirical critique of the American economy in which the now conspicuous concepts of "conspicuous consumption", "conspicuous leisure" and "conspicuous waste" were introduced. Unlike the neoclassical economics that was emerging at the same time, Veblen described economic behavior as socially rather than individually determined and saw economic organization as a process of ongoing evolution.
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