"Veblen's first and most popular book was The Theory of the Leisure Class... The leisure class is characterized by conspicuous consumption, a propensity to avoid useful work, and conservatism. ...Veblen held that the leisure class is engaged in the predatory seizure of goods without working for them. ...[T]hey wish to consume in a way that displays their wealth... power, prestige, honor, and success... In order to be reputable, such consumption must be wasteful. Poorer people... even their pattern of spending includes an element of wasteful conspicuous consumption. Their outlook... imposed by the dominant leisure class. ...Members of the leisure class must avoid useful productive work. They must indulge only in wasteful or useless tasks... Veblen asserted that the evolution of social structure has been a process of natural selection of institutions. Progress can be attributed to the survival of the fittest habits of thought and the enforced adaptation... to a changing environment. ...A portion or class of society that is sheltered... will adapt its views more slowly... and... retard... social change. The wealthy social class is... sheltered... with respect to economic forces that make for change... The characteristic attitude of this class..."Whatever is, is right." But the law of natural selection... asserts..."Whatever is, is wrong." ...[C]urrent institutions ...do not change quickly enough to be in tune with the times."
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Original Language: English
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Jacob Oser, Stanley L. Brue, The Evolution of Economic Thought (1963, 1988) 4th edition, pp. 367-369.
https://en.wikiquote.org/wiki/The_Theory_of_the_Leisure_Class
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The Theory of the Leisure Class
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