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BOOK SUMMARY :

Institutional economics thorstein veblen laid the foundation for the perspective of institutional economics with his criticism of traditional static economic theory as much as veblen was an economist he was also a sociologist who rejected his contemporaries who looked at the economy as an autonomous stable and static entitythorstein veblen thorstein veblen american economist and social scientist who sought to apply an evolutionary dynamic approach to the study of economic institutions with the theory of the leisure class 1899 he won fame in literary circles and in describing the life of the wealthy he coinedthe sociologist and economist thorstein veblen coined the term conspicuous consumption and was a co founder of the institutional economics movementveblen is best known for his book the theory of the leisure class which introduced the term conspicuous consumption referring to consumption undertaken to make a statement to others about ones class or accomplishments this term more than any other is what veblen is known forthorstein veblen by edwin b child 1934 courtesy of yale university art gallery gift of associates of the sitter a protege of j laurence laughlin the first head of political economy veblen began his uneasy passage through the university in 1892

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