Abstract
In Veblen?s historical treatment of the rise of capitalism and wealth represent not only reward for labor and savings but exploitation of labor and land alike. Veblen?s critical discourse on predacious business opportunists can be extended to the proclivity of the North?s ?leisure? and middle classes to engage in extravagant consumerism causing resource inefficiency and environmental degradation. Trigg, Andrew B. "Veblen, Bourdieu, and conspicuous consumption." Journal of Economic Issues (2001): 99-115. Mitchell, Ross E. "Thorstein Veblen Pioneer in Environmental Sociology."Organization & environment 14.4 (2001): 389-408. Weber Cameron M. ? The Thinning of Veblen's ??Conspicuous Consumption?? in the Modern Language of Economics? [Ira Chakraborty. (2017); RESEARCH PAPER: VEBLENS ECONOMY IN ECOLOGY. Int. J. of Adv. Res. 5 (Jun). 1109-1115] (ISSN 2320-5407). www.journalijar.com Ira Chakraborty University of Melbourne
Highlights
„Theory of the Leisure Class‟ written in 1899 by Thorstein Veblen contradicts the neoclassical theory of consumption
Veblen‟s theory of conspicuous consumption is corollary to Thomas Malthus‟ need of "unproductive consumers " as a class who would initiate demand elaborated in Principles
Thomas Malthus further iterates that income is distributed between the labor class, capital owners and entrepreneurs receiving wages, rent and profit, respectively
Summary
„Theory of the Leisure Class‟ written in 1899 by Thorstein Veblen contradicts the neoclassical theory of consumption. As per Veblen‟s theory of conspicuous consumption, individuals contest consumption patterns of others that form the crest of the social hierarchy. The utilization of resources and dynamic consumption habits affect and are affected by changes in the evolving social fabric of any economy.
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