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Brand: Thorstein Veblen
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In his best-known work, The Theory of the Leisure Class (1899), Veblen appropriated Darwin's theory of evolution to analyze the modern industrial system. While industry itself demanded diligence, efficiency, and cooperation, businesspeople - in opposition to engineers and industrialists - were interested only in making money and displaying their wealth in what Veblen coined "conspicuous consumption." Veblen's keen analysis of the psychological bases of American social and economic institutions laid the foundation for the school of institutional economics.
'Conspicuous consumption of valuable goods is a means of reputability to the gentleman of leisure.' In The Theory of the Leisure Class Thorstein Veblen sets out 'to discuss the place and value of the leisure class as an economic factor in modern life'. In so doing he produced a landmark study of aff
In 1956, a U.S. lawyer-economist, Louis O. Kelso, created the employee stock ownership plan (ESOP) to enable the employees of a closely held newspaper chain to buy out its retiring owners. Two years later, Kelso and his co-author, the philosopher Mortimer J. Adler, explained the macro-economic theor
