What important concept did Veblen coin in "Theory of the Leisure Class"?
Conspicuous consumption and conspicuous leisure
Social determinism
Division of labor
Invisible hand
Answer
Thorstein Veblen coined the terms conspicuous consumption and conspicuous leisure in his 1899 book, Theory of the Leisure Class. Conspicuous consumption refers to the purchase of goods and services in order to display one's wealth and status. Conspicuous leisure refers to the practice of spending time in ways that are not economically productive, such as attending social events or pursuing hobbies.
The Veblen Vibrancy: A Quiz on Thorstein Veblen's Life and Ideas
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