VEBLEN Meaning and
Definition
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Veblen refers to a term derived from the name of the prominent American economist, Thorstein Veblen. It is commonly used to describe the phenomenon where conspicuous consumption is demonstrated to showcase one's wealth and social status. A person engaging in veblen behavior typically purchases or displays extravagant or unnecessary goods and services, not for their functional value but as a means of flaunting their affluence and signaling their membership in a privileged social group.
The concept of veblen stems from Veblen's influential book "The Theory of the Leisure Class," which explores the sociological and economic implications of materialism and conspicuous consumption. Veblen argued that individuals partake in veblen behavior to gain prestige and to differentiate themselves from others by acquiring items that are costly or rare. In this context, the price or exclusivity of an item serves as a symbol of social power and status.
Veblen behavior often involves the consumption of luxury goods, elite brand names, extravagant homes, prestigious cars, or other showy displays of wealth. It is driven by the desire to attain higher social standing and distinguish oneself from those with lower economic means. The term can also be applied to situations where an individual may deliberately avoid purchasing common or mainstream products to avoid being associated with the masses.
In summary, veblen refers to the deliberate consumption or display of ostentatious goods and services, primarily driven by the desire to project status, wealth, and privilege, rather than the functional value of the items themselves.
Common Misspellings for VEBLEN
Etymology of VEBLEN
The word "Veblen" is derived from the surname of the American economist and sociologist, Thorstein Veblen. Thorstein Veblen is known for his critical analysis of consumerism and capitalist society in his book "The Theory of the Leisure Class" published in 1899. The term "Veblen" is now used in economics to describe the concept of a Veblen good, which refers to a product whose demand increases as its price rises, contrary to the general law of demand. However, it is important to note that "Veblen" as a word itself does not have a specific etymology outside of its association with Thorstein Veblen.
