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Thorstein Bunde Veblen (born Tosten Bunde Veblen July 30, 1857 – August 3, 1929) was a Norwegian-American sociologist and economist and a founder, along with John R. Commons, of the Institutional economics movement. He was an impassioned critic of the performance of the American economy, and is most famous for his book The Theory of the Leisure Class (1899). Veblen was born in Cato, Wisconsin, of Norwegian immigrant parents.[2] While Norwegian was his first language, he learned English both from neighbors and from school, which he began at the age of 5.[3] His family was highly successful and placed great emphasis on education and hard work, all of which undoubtedly contributed to his later scorn for what he termed “conspicuous consumption” and waste of the gilded age.[4] He obtained his B.A. in Economics at Carleton College (1880), under John Bates Clark, a leading economist in the emerging body of thought now identified as neoclassical economics. He did graduate work at Johns Hopkins University under Charles Sanders Peirce, the founder of the pragmatist school in philosophy, and subsequently received his Ph.D. in (1884) at Yale University, under the direction of William Graham Sumner, a proponent of laissez-faire economic policies. [4] Perhaps the most important intellectual influences on Veblen were Charles Darwin and Herbert Spencer, whose work in the last half of the 19th century sparked an enormous interest in the evolutionary perspective on human societies.[5] From 1891 to 1892, after six years spent reading voluminously at the family farm where he went to recover from malaria, Veblen continued studying as a graduate student, now in economics, at Cornell University under James Laurence Laughlin.[4]
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