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Thorstein Veblen

William Dean Howells

The Theory of the Leisure Class (Modern Library Classics) Paperback – November 13, 2001

by Thorstein Veblen (Author), Alan Wolfe (Introduction)

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Almost a century after its original publication, Thorstein Veblen's work is as fresh and relevant as ever. Veblen's The Theory of the Leisure Class is in the tradition of Adam Smith's The Wealth of Nations and Thomas Hobbes's Leviathan, yet it provides a surprisingly contemporary look at American economics and society. Establishing such terms as "conspicuous consumption" and "pecuniary emulation," Veblen's most famous work has become an archetype not only of economic theory, but of historical and sociological thought as well. As sociologist Alan Wolfe writes in his Introduction, Veblen "skillfully . . . wrote a book that will be read so long as the rich are different from the rest of us; which, if the future is anything like the past, they always will be."

Print length

320 pages
Language

English
Publisher

Modern Library
Publication date

November 13, 2001
Dimensions

5.15 x 0.69 x 8.02 inches
ISBN-10

0375757872
ISBN-13

978-0375757877
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Meatloaf

Thorstein Veblen, a very interesting man with a very interesting point of view and economist.

Reviewed in the United States on September 27, 2016

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Thorstein Veblen is a very interesting being. I read about Veblen in economics books. For instance 'The Worldly Philosophers' has a whole chapter on him. To understand the context of where he fit. Adam Smith said small government with maximum freedom means wealth. But then David Ricardo and Thomas Malthus showed some complications to Adam Smith's theories. So John Stuart Mill taught that institutions are the solution. For instance if the landowner is getting rich at everybody's expense, how bout the landowner gets taxed more?

In this context Thorstein Veblen shows that economists will always disagree on any solution. If their are 5 economists in the room you will get 6 different answers. Veblen saw two main groups of people. Those of the Leisure Class who are the rich rulers, who waste resources and set society's norms. The others conform as they are worried about fitting in and end up wasting time and money on things that have no benefit to them. Then he saw the industrial class as the solution. As industry develops, people become more and more matter of fact.

Veblen saw ancient but not modern religion as an example of the leisure class setting norms. He saw religious ornaments and ceremonies as a waste of time. He saw those working in the factory, and focusing on the matter of facts of breaking free of the norms established by the Leisure Class. To him ancient religion took control of people by using fear. However, he saw modern religion as good. He saw charities as giving back to the people, and he saw this as becoming more and more reality.

Unfortunately some of what Veblen has advocated has come to pass, and the world is no better. We have become more technological in our communication-internet and cellphones; and have less time for face to face communication. I miss those days. Another worrying thing is that Karl Marx was against family, religion and private property. Veblen was also against the traditional family, traditional religion and private property. He was against traditional family in the sense that the woman would concentrate on having children and pleasing her man instead of working in the family. Where they disagreed is that Marx saw technology as part of the ruling class, and making the life of everybody else miserable. Whereas Veblen saw the machine as ultimately liberating people. He also saw mankind on an evolutionary path, whereas Marx saw the end of capitalism as the 2nd to last stage.

In all Veblen, is a very interesting being as he comes from a very unique point of view. One last thing about ancient vs modern religion. 'Religion that is pure and undefiled before God, the Father, is this: to visit orphans and widows in their affliction, and to keep oneself unstained from the world" James 1:27. So there you have it he wasn't against all forms of religion. I'm giving him 5 stars not because I agree or disagree with him, but simply cause he presented a different view in economics, and different economists have different views. And last of all yes he did write many books and articles, but most of his other books are just a build on. This book covers the majority of his ideas.

37 people found this helpful

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Nate

Coudln't get into it.

Reviewed in the United States on January 27, 2021

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He's one of those who feels 'property rights is a negative', vs an organic reality.
Granted, he's not the typical who preaches they stem from the invention of the state.
He argues they stem from 'ownership of women', but it's just as ridiculous.
'Property' stems from 'mine'.
And I guarantee, from the very beginning, there was 'my club', 'my children', 'my tribe', and 'my mate'.
'Property rights' came to fruition from weaker men sick of having stuff taken by stronger men.
Period.
'Property rights' were an organic reaction that came with human development, in an attempt to curb gratuitous violence to acquire new stuff.
Yes, upon the commercial revolution, which lead to the usurping of kings by the banking class, the rise of 'wealth = power' and 'wealth creating wealth' lead to an omnipotent corporate class that sees themselves as obligated to none, with monopolistic control and all are sick of it.
It doesn't change the fact that collectivism is faulty. All the beliefs built from it are faulty.
Corporatism is closer to leftism than capitalism.
Corporatism doesn't mind 100% statism, as their rank and file move back and forth between the 2 sectors like water.
To the point corporate and the state are interchangeable.
They're the SAME people.
-
Corporatism is a new monster, that is going to require new pitchforks and torches to subdue.
And to make states collectivist, while 200 nations are under the absolute control of a global banking hegemony - is suicide.
-
A far better book to read on the elite, is 'The Power Elite' by C. Wright Mills.

6 people found this helpful

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Tim

How status seeking affects consumption and society

Reviewed in the United States on April 25, 2019

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The Theory of the Leisure Class is definitely an interesting book and from first reading, one can see that the book contains a lot of truth. Veblen’s main contribution is that people care a lot about status and thus their economic behaviours will reflect this. In order to turn wealth into status, one needs to signal their wealth, which leads to phenomena of conspicuous consumption and conspicuous leisure. In practice, this means people need to waste money on consumer products and activities that immediately lets other people know their status of being wealthy and being in the upper class. This theory goes a long way in helping us understand the nature of the human social structure. Whether conspicuous consumption is a “good” thing is up to the opinions of readers although Veblen himself did not seem particularly happy with it. It is worth noting that this book is not simply a theory of the leisure class, but more of a general theory on society that seeks to explain how society functions and evolves due to status seeking behaviours.

As for the product quality, the book quality is excellent, and the paper used for the interior pages is of high quality.

6 people found this helpful

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considered comment

Beautifully searing

Reviewed in the United States on February 20, 2020

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Yes, Veblen is the bomb. An elegant bomb. Just filled with hashtagable terms. Look for them: "conspicuous consumption" (all-time winner); "pecuniary decency"; "instinct of workmanship": vicarious consumption"; and of course the titular "leisure class." Read it aloud to get the full pleasure of the writing style.

6 people found this helpful

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Crusty Critic

Not Quite Ripped From The Headlines, But Still Applicable Today

Reviewed in the United States on October 7, 2016

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This is the classic deep sociological analysis of "conspicuous consumption" (a term it coined) and its cultural effects. It has lots of of insight about social structure and capitalism which is still applicable today. It is also interesting because it was published when "socialism" was not a dirty word and it seemed as if it might succeed, not just in the US. On the minus side it is padded out and repetitive, so skimming in spots is recommended. He also used some very outdated evolutionary analysis (evolution was still a hot subject then and being inappropriately applied in many places, as it has been since then), but that is easily ignored.

7 people found this helpful

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Harry the book monkey

Nasty Economics

Reviewed in the United Kingdom on June 24, 2018

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I was looking forward to reading this book. I came across Veblen whilst reading a couple of economic primers and the image I developed was that Veblen was like Bernard Mandeville, that is one of economic’s naughty boys. The truth however is far darker.

The book is not formally split into parts however the initial chapters set out the more satirical elements of the book with its ideas of conspicuous waste and conspicuous leisure. The next section covers social conservatism and the third section picks up and develops issues of divine observances and higher education.

Reading the first section your might be tempted to think Veblin's position is rather contrived. Veblen is quite open that his theories are based on anthropological ideas that we are all so familiar with that they don't need to be referenced or named. And then there is the general structure of the arguments which gave me the impression that it would fail to appear cogent if the propositions where not presented in the order they have been.

In brief, the pivotal idea is that generating abundance, say by hunting a stag rather than a rabbit, is not just about meeting the requirements of subsistence i.e. having enough food to eat, it gives opportunity for those who can take a stag to show off, to become the object of emulation, to acquire honour through exploit. Doing the day job quickly appears quite second rate in comparison. The argument then unfolds along these lines.

The predatory trait allows the powerful to acquire by force or trickery (tactics are likely to match social development) and part of that acquisition is showing off, showing off what you have acquired (conspicuous consumption), showing off that you are so successful you can afford to be idle (conspicuous leisure) and afford to waste your surplus in the form of big houses, and idle servants (conspicuous waste) the rest of us toil meeting our needs by mere industry (a vulgar activity compared to honorific exploit) but invidious comparison means that the powerful will always seek to acquire more and more. Anyone willing to believe in trickle down economics simply hasn't read their Veblen.

It occurred to me that the predatory aspects describe behaviour we might associate with Homeric heroes, the purposefulness/pride of Agamemnon, the wiliness/deceit of Odysseus, the prowess of Achilles. These virtues do not necessarily fit with a Christian moral view (for such a critique of Homeric wisdom check out the section on Homeric wisdom in New Science: Principles of the New Science Concerning the Common Nature of Nations (Penguin Classics) ). Alternatively you might take a Nietzschean view of the matter. Those blest of predatory temperament achieve and prove worthy of honour by doing (by action). Nietzsche’s many too many prove themselves unworthy of such honour by their mediocre pursuit of the day job

However Veblen does put the case for industry well pointing out that the technological advancements and all the benefits these provide in terms of comfort, heath and life expectancy are the result of people who work industriously. This should not prove surprising as if predatory behaviour was always dominant, no-one would ever employ their efforts if it was inevitable that they would be tricked out of their achievement or have it taken by force. Nail Ferguson ( Civilization: The West and the Rest ) for one believes that the work ethic is a key component that lead to the predominance of western culture.

If you only read the first 7 chapters, or opt for the abridged version of this work Conspicuous Consumption (Penguin Great Ideas) you can see the satire in Veblen, you can enjoy his writing and if you don't like what is being said you can always dismiss it. You might dismiss it on the grounds that the split between the vain bullies (that make up the leisure class) and the industrious plebs (who make up the rest of the population) might seem facile.

However if you read beyond this first part the fun really starts to evaporate. This later half of book is about why change in society is slow or non existent and the underlying power relations that conspire to ensure that there is a place for a leisure class who can enjoy a life of luxury whilst everyone else works to support or emulate that luxury. I do not see an issue with some people being rich or extremely rich; the issue to me is social mobility i.e. can people genuinely hope to achieve the best of what life has to offer. The picture that emerges under Veblen's theories is that social mobility is essentially illusory. It's not so much that you have to have money to make money so much hard work (industry) does not pay off. It is the predatory acts of force and trickery that do (think of the CEO's that peddle the myth that they should be paid huge sums and that we continue to lap up this myth regardless the number of big companies that fail). those who do not have the predatory instinct inculcated in them through upbringing and education are more likely to be condemned to increase the numbers of the many too many having been sold a lie that hard work is a virtue.

I said that Mandeville and Veblen were the naughty boys of economics. Both draw attention to advantages vice brings. In the case of Mandeville it is taking advantage of people essentially being false in your relations with those you trade. This is also true of Veblen who would describe this as chicane. Veblen does not shy away from a more physical way of taking advantage of the weak. The prevalence of one strategy is merely the result of the background prevailing circumstances. The real difference between the two is that for Mandeville "predatory" behaviour is a choice whereas for Veblen predatory behaviour (once it is established) becomes part of a prevailing cultural mindset. For this reason Veblen’s analysis is inherently nasty and pessimistic, the book is not fun, not to be dismissed as mere satire.

4 people found this helpful

An early piece of evolutionary theory applied to societal development

Reviewed in the United Kingdom on March 10, 2010

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The book is a classic, when it comes to describing the modern economic, sociological and psychological makeup of society in spite of being first published in 1899. It can still be used as a guide to all those sciences, as well as a good introduction into where and how marketing / advertising can work / appeal.

The authors starts with the gender role evolution (a similar, more modern text on the same subject, which might be an easier read is Jared Diamond's Science Master: Why Is Sex Fun? The Evolution Of Human Sexuality (Science Masters) ) and then traces the development from the early, relatively undifferentiated society to the more modern, stratified one, characterised by the pecuniary (leisure) class on the one hand, and the industrial one on the other. The author then proceeds to show the role of dress, conspicuous consumption, leisure time, sports, institutions, religion, animism (aka luck), as well as education in strengthening and maintaining the system, always relating back to what developmental aspects lead to their development.

It makes for fascinating reading, both in terms of the clarity of thought the author applied, as well as how modern the work still is content wise, and how applicable to today's society, over 100 years after the book was first published. The evolutionary perspective, as used by the author, took a long time to be used so insightfully and comprehensively in social science research by others later on in the 20th century.

On top of that the work exudes a certain wittiness / sarcasm, which is not really apparent in a phrase or sentence, but comes across in the overall feel of it. There are no laugh out loud moments here but there will be a twinkle in your eye after reading a chapter.

The final comment I'd like to make about it is the writing style - this is the only aspect of the book, where the publication date is clearly apparent. It is relatively heavy going, with a rich but ponderous language (Veblen is no Stephen Fry), long sentences, no attempts at signposting, or introducing and concluding chapters, or for that matter, the book. It is not a commuting, holiday, or goodnight read, it does require one to apply oneself to it a bit more thoroughly.

7 people found this helpful

F. A. Rodner

The very rich cut down to size

Reviewed in the United Kingdom on April 11, 2009

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Thorstein Veblen put the American elite under his social-anthropological microscope nearly a good century ago and it is not too surprising that, as a result, his academic career failed as he found himself excluded from positions at colleges and universities that were sponsored and supported by the self-same kind of people that he had sarcastically shredded in his books. His portrayal of the newly very wealthy industrialists, bankers and businessmen of early twentieth century America, aggressive and adventurous, the modern heirs to ancient history's barbarians and only a step away from delinquency, is delightfully non-pc and makes as good reading today as when it was written. Thai Dreamings: Australian Aboriginal Inspirations in the Paintings of Kitti Narod

One person found this helpful

Caroline

Sadly forgotten classic

Reviewed in the United Kingdom on January 14, 2014

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I bought this on Kindle because it's free. I have my own dog-eared copy. This is a heavy read but a brilliant analysis of capitalism and human nature. We use lots of phrases Veblen invented, without knowing where they come from: conspicuous consumption, vicarious leisure, etc. It was written 120 years ago and the ideas are still fresh. Can't believe I really am the first to review it...

7 people found this helpful

Kieran S Bideleux

Worth the effort

Reviewed in the United Kingdom on January 28, 2018

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Veblen is an awful writer with an excellent mind & a unique perspective on the world. There are times when Veblen's impenetrable prose makes reading this book feels like wading through treacle, but, I can assure you, it's worth it.

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The Theory of the Leisure Class (Modern Library Classics) Paperback – November 13, 2001

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