Thorstein Veblen (1857–1929) was an American economist and sociologist, best known for his book "The Theory of the Leisure Class" (1899). Born in Cato, Wisconsin, to Norwegian immigrant parents, he studied at Carleton College and later earned a Ph.D. in philosophy from Yale University. Veblen is renowned for his critique of capitalism and his concept of "conspicuous consumption." He taught at several universities, including the University of Chicago and Stanford University, and was a founding member of the New School for Social Research. His work laid the foundation for institutional economics.
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