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Veblen

Veblen

[veb-luhn]
Veblen, Thorstein, 1857-1929, American economist and social critic, b. Cato Township, Wis. Of Norwegian parentage, he spent his first 17 years in Norwegian-American farm communities. After studying at Carleton College and at Johns Hopkins, Yale (where he received a Ph.D. in 1884), and Cornell universities, Veblen taught at Chicago, Stanford, and Missouri universities and at the New School for Social Research, New York City. Detached from the dominant American society by his cultural background and temperament, Veblen was able to dissect social and economic institutions and to analyze their psychological bases, thus laying the foundations for the school of institutional economics. His dry, involved, satiric style enabled Veblen to coin famous phrases such as "conspicuous consumption." In his criticism of the price system, his analysis of the business cycle, and his interpretation of the role of technical men in modern society, there are implications for social engineering. Veblen did not achieve popular acclaim in his time but has since exerted significant influence. His works include The Theory of the Leisure Class (1899), The Theory of Business Enterprise (1904), Imperial Germany and the Industrial Revolution (1915), The Engineers and the Price System (1921), and Absentee Ownership and Business Enterprise in Recent Times (1923). He also translated The Laxdoela Saga (1925) from the Icelandic. Essays in Our Changing Order was published in 1934. Anthologies of his writings have been edited with introductions by W. C. Mitchell (1936) and Max Lerner (1948).

See selected writings ed. by W. C. Mitchell (1936, repr. 1964) and M. Lerner (1950). See also biographies by J. Dorfman (1934, repr. 1966), J. A. Hobson (1936, repr. 1971), and D. F. Dowd (1964); studies by R. V. Teggart (1932, repr. 1966), S. Daugert (1950), D. F. Dowd, ed. (1958), and C. C. Qualey, ed. (1968).

(born July 30, 1857, Manitowoc county, Wis., U.S.—died Aug. 3, 1929, near Menlo Park, Calif.) U.S. economist. He grew up in Minnesota and earned a Ph.D. in philosophy from Yale University. Although he taught economics at the University of Chicago and other universities, he was unable to keep any position for long because of his unconventional ideas and the disorder in his personal life. In 1899 he published his classic work The Theory of the Leisure Class, which applied Darwin's evolutionary theories to the study of modern economic life, highlighting the competitive and predatory nature of the business world. With dry humour he identified the markers of American social class, and he coined the term “conspicuous consumption” to describe the display of wealth made by the upper class. His reputation was highest in the 1930s, when the Great Depression was seen as a vindication of his criticism of the business system.

Learn more about Veblen, Thorstein (Bunde) with a free trial on Britannica.com.

(born July 30, 1857, Manitowoc county, Wis., U.S.—died Aug. 3, 1929, near Menlo Park, Calif.) U.S. economist. He grew up in Minnesota and earned a Ph.D. in philosophy from Yale University. Although he taught economics at the University of Chicago and other universities, he was unable to keep any position for long because of his unconventional ideas and the disorder in his personal life. In 1899 he published his classic work The Theory of the Leisure Class, which applied Darwin's evolutionary theories to the study of modern economic life, highlighting the competitive and predatory nature of the business world. With dry humour he identified the markers of American social class, and he coined the term “conspicuous consumption” to describe the display of wealth made by the upper class. His reputation was highest in the 1930s, when the Great Depression was seen as a vindication of his criticism of the business system.

Learn more about Veblen, Thorstein (Bunde) with a free trial on Britannica.com.

Veblen is a city in Marshall County, South Dakota, United States. The population was 281 at the 2000 census.

Geography

Veblen is located at (45.862802, -97.287146).

According to the United States Census Bureau, the city has a total area of 0.3 square miles (0.8 km²), all of it land.

Veblen has been assigned the ZIP code 57270 and the FIPS place code 66540.

Demographics

As of the census of 2000, there were 281 people, 141 households, and 73 families residing in the city. The population density was 915.8 people per square mile (350.0/km²). There were 167 housing units at an average density of 544.2/sq mi (208.0/km²). The racial makeup of the city was 81.49% White, 15.30% Native American, 2.49% from other races, and 0.71% from two or more races. Hispanic or Latino of any race were 2.85% of the population.

There were 141 households out of which 22.0% had children under the age of 18 living with them, 35.5% were married couples living together, 11.3% had a female householder with no husband present, and 48.2% were non-families. 47.5% of all households were made up of individuals and 29.1% had someone living alone who was 65 years of age or older. The average household size was 1.99 and the average family size was 2.79.

In the city the population was spread out with 25.3% under the age of 18, 5.7% from 18 to 24, 18.5% from 25 to 44, 19.9% from 45 to 64, and 30.6% who were 65 years of age or older. The median age was 45 years. For every 100 females there were 87.3 males. For every 100 females age 18 and over, there were 81.0 males.

The median income for a household in the city was $18,583, and the median income for a family was $20,625. Males had a median income of $31,964 versus $16,250 for females. The per capita income for the city was $12,053. About 25.3% of families and 29.7% of the population were below the poverty line, including 41.9% of those under the age of 18 and 23.2% of those 65 or over.

References

External links

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