Thorstein Veblen Biography

Thorstein Veblen was an American economist and a well-known critic of capitalism. He applied a dynamic approach to study economic institutions and devised popular terms like pecuniary emulation and conspicuous consumption. Born in Cato to Norwegian American immigrant parents, he grew up in a big family that consisted of his parents and eleven siblings. Veblen attended local schools and later studied at Carleton College. He studied economics and philosophy under noted economist John Bates Clark. The works of Herbert Spencer also inspired him to a great extent. Following school, Veblen enrolled in Yale University from where he earned his Doctor of Philosophy in 1884. Although extremely intelligent and knowledgeable in his field, he remained unemployed for several years before finding work as an editor at University of Chicago. He eventually emerged as a successful economist and sociologist, and earned both admirers and critics.