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THE Theory of the Leisure class:An Economic Study of Institutions was published in 1899, and it immediately became one of the most popular books of the time. It made a big impact in the Western academic world and was a must-have for intellectuals. Through his close observation of the upper class, the author managed to affirm the nature of the leisure class and sharply criticize the rapid growth of Western capitalism.
Thorstein B. Veblen was an American economist, philosopher, sociologist, and the founder of institutional economics. Veblen received his PhD from Yale University in 1884, but due to the public’s disinterest in philosophy at the time, he decided to turn his attention to economic studies. Veblen published his first and most important work at the age of 42: THE THEORY OF THE LEISURE CLASS:An Economic Study of Institutions. This book established Veblen’s place in the history of economic theory and set the foundation for old institutional economics.