Thorstein Veblen: Short Bio & Economic Theories & Ideas Essay -- essay

     Thorstein Bunde Veblen (1857-1929) was born in Cato, Wisconsin. He attended Carleton College, as well as the universities of John Hopkins, Yale, and Cornell. He taught political economy and political economy from 1892 to 1918 at the University of Chicago, Stanford University, and the University of Misssouri. He retired in 1926 after working for seven geezerhood at New York Citys New School for affable Research. He was noted for his significant analysis of our economic system and, by Mark Blaug, for his mastery of the art of satire.          Veblen went against the modern economic beliefs of his day. He identify a problem in our society that most did not. He find that the industrialists increased production of goods by hiring engineers to improve efficiency. This, in turn, drove prices mint and cut profits, so the industry captains cut production to save profits. Ideas handle this were prevalent in most of his writ ings and economic theories.           Society, to Veblen, could be expound as a division of kinsfolkes. The "leisure class" and the "industrious class", the former being described as a predator, parasitic and catastrophic to society, and the latter being the members who produce goods. This mostly came from his most famous work, The surmisal of the Leisure Class, in which he coined the phrase "conspicuous consumption"...