IN CONTEXT
Society and the economy
Thorstein Veblen (1857–1929)
1848 British philosopher John Stuart Mill’s theory of political economy assumes that utility (satisfaction) lies at the heart of economics.
1890 British economist Alfred Marshall moves the focus of economics away from markets and towards the study of behavior.
1940 Hungarian economist Karl Polanyi argues that economic behavior is rooted in society and culture.
2010 US economist Nathan Pettit says that “conspicuous consumption” and the resulting debt played a key role in crippling global financial markets in 2008.
The US economist Thorstein Veblen was the first ...
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