Thorstein Veblen’s Theory of the Leisure Class—A Status Update
https://quillette.com/2019/11/16/thorstein-veblens-theory-of-the-leisure-class-a-status-update/
Good ole institutional economics. Conspicuous consumption.
Very useful post.
As an economics major (BA,1972), I studied Veblin. A far lefty, but I gave him credit for having an affair with a fellow professor’s wife whilst teaching at Stanford.
I would say that “class elitism” is another form for most of its’ members of “white privilege/wealth”, now being joined by a new leftist “black elite” (esp. from the sports and entertainment world).
The more money/goods they have, the more they think of themselves as being “very important, knowledgeable about the world’s ills, and how to cure them via a socialist/Marxist set of solutions no matter how destructive and provably non-productive they are”.
In the old world we call them “self-righteous egotistical bastards and blowhards (minus Don Lemon)”.
Veblen was an anti-capitalist statist. This is poison. Drink at your own peril.