The Theory of the Leisure Class

Robert Reich It was a critique of consumerism, but it was particularly a critique of consumerism by the very wealthy. Veblen coined the phrase “conspicuous consumption”. Less well remembered is his phrase “conspicuous leisure”. Veblen saw the importance of social status as a motivator in capitalism. He was the first to understand that one of the reasons that people desperately wanted to become rich was not simply to consume but to consume in such a way that they established themselves as being superior to others. To put it another way, consumption was not solely or even primarily about fulfilling... (Source)