Flaunting It: The Logic of “Conspicuous Consumption” in Veblen’s The Theory of the Leisure Class


Although “wealth” has long been subjected to economic analysis (which postulates humans as rational beings) and more recently to behavioral analysis (which postulates humans as emotional beings), Thorstein Veblen’s groundbreaking Theory of the Leisure Class famously subjected “wealth” to anthropological analysis (which postulates humans as social beings). From this point of view, “wealth” is important not so much for what can be done with it or for the internal feelings that it can evoke, but rather for what it can signal to others about the social dominance of its possessor. This lecture will offer an overview of Veblen’s theory as originally presented in 1899 and consider its usefulness in making sense of the contemporary phenomenon of Donald Trump.