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.
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ANECDOTE

Veblen and Clark

  • Thorstein Veblen's professor, John Bates Clark, significantly influenced his thinking.
  • Clark developed the marginal utility theory, which Veblen later critiqued.
INSIGHT

The Leisure Class and Industrialization

  • Veblen's leisure class controlled surplus goods and justified their position through ideology or religion.
  • Industrialization disrupted this static system by making luxury goods cheaper and accessible to lower classes.
INSIGHT

The New Leisure Class

  • Veblen observed a shift in the leisure class during the Gilded Age.
  • The new leisure class, composed of industrialists, worked hard but signaled wealth through different means.
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