In Our Time: Philosophy cover image

In Our Time: Philosophy

The Theory of the Leisure Class

Dec 14, 2023
Matthew Watson, a Political Economy expert, Bill Waller, an economic historian, and Mary Wrenn, a Senior Lecturer in Economics, dive into Thorstein Veblen's influential critique, The Theory of the Leisure Class. They discuss the concept of conspicuous consumption, connecting it to today's consumer society and its wasteful tendencies. The guests explore Veblen's historical context, his impact on social movements, and the implications of wealth on societal values. They reflect on Veblen's lasting legacy in today's economic discussions, emphasizing the need for sustainability and social consciousness.
55:32

Podcast summary created with Snipd AI

Quick takeaways

  • Veblen's concepts of conspicuous leisure and consumption critique societal obsession with wealth, exposing the wastefulness of status signaling practices.
  • His idea of pecuniary emulation reveals how individuals judge worth based on monetary measures, perpetuating inequality and distracting from meaningful contributions.

Deep dives

The Impact of Veblen's Background

Thorstein Veblen was born in 1857 in Wisconsin to immigrant parents who valued education, which influenced his egalitarian views on schooling. He was part of a large family that benefited from a supportive environment, allowing him to pursue higher education at Carleton College, where he encountered influential economist John Bates Clark. This background instilled in Veblen a unique perspective on the disparities between social classes and the emerging economic landscape during America's Gilded Age. His personal experiences shaped his critiques of societal norms, particularly regarding wealth distribution and the practices of the leisure class.

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