Thorstein Veblen

Norwegian-American economist and sociologist — author of The Theory of the Leisure Class (1899) — who coined 'conspicuous consumption' and 'conspicuous leisure' — the founder of institutional economics and the most savage social critic in American economic thought.

Creates the conspicuous consumption critique of consumer culture — Veblen's Theory of the Leisure Class argues that luxury consumption is primarily signaling to rival social classes rather than genuine utility maximization; the concept has been verified by subsequent evolutionary and behavioral economics research.