Analyzing Thorstein Veblen's The Theory of the Leisure Class

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In 1899 Thorstein Veblen wrote The Theory of the Leisure Class: An Economic Study of Institutions. In this work, Veblen presented critical thinking that pertains to people’s habits and their related social norms. He explores the way certain people disregard the divisions that exist within the social system, while subsequently emulating certain aspects of the leisure class in an effort to present an image of higher social status. He also presented the theory of conspicuous consumption, which refers to an instance when a person can fulfill their needs by purchasing a product at a lower cost that is equal in quality and function to its more expensive counterpart; however, said person chooses to buy the more expensive product, by doing so, they are attempting to present an image of a higher social status. The almost 110 year cycle between 1899 and 2010 reveals few differences in buying behaviors, other than the differing selection of luxury goods to indulge, or over-indulge in.
It is interesting to consider Veblen’s theory of conspicuous consumption as it pertains to the modern day fashion industry, specifically the luxury fashion sector. In The Theory of the Leisure Class, Veblen said “we all find a costly hand-wrought articles of apparel much preferable to a less expensive imitation of it;” however, at the beginning of the 20th century, couture clothing was exclusively available to those who were very wealthy, simply because of how much the garments cost. By the mid-1930’s, businesses were beginning to change their ways of thinking after seeing the enormous profit that the Walt Disney Company received once they licensed the making of Mickey Mouse novelty items. Christian Dior was the first of many fashion designers to foll...

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...pisode of the HBO television series entitled Sex and the City, serves as a modern day example of this thought. The main character, Carrie Bradshaw, is evicted from her apartment while facing personal financial hardship, and upon realizing she no longer has anywhere to live, she states, “I’m homeless. I’ll be a bag lady. A Fendi bag lady, but a bag lady.”
Veblen’s work was, and continues to be, quite controversial; however, his dissections of human behavior as it relates to social structure and consumption were far from inaccurate. Interestingly enough, it seems that his theories have even become increasingly accurate over time, as proved by the way conspicuous consumption and “Veblan effects,” have both played a significant role in changing not only the luxury fashion industry as a whole, but also in changing the image and symbolic nature of the luxury good.

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