THE THEORY OF THE LEISURE CLASS, Veblen Thorstein, 1899.

Thorstein, Veblen: (1)THE THEORY OF THE LEISURE CLASS, Veblen Thorstein, 1899 (any edition) or (2)THE THEORY OF BUSINESS ENTERPRISE, Thorstein, Veblen, 1904 (any edition).

(1) The essay should be a critical review of the book. You are expected to briefly summarize the authors? main arguments about the chosen topics and provide your own perspective (comments).
(2) In terms of the structure, the essay should have an introduction, main body, and concluding section. The main body of the essay can be divided further into sub-sections with a series of numbering and appropriate sub-titles.
(3) The essay should be more than minimum five pages & maximum ten pages.
(4)In the first page of the essay, students should repeat the title of their essays on the top center of the page and should begin their essays with an ?Introduction.?
(5) The ?Introduction? section is to introduce what the authors (students) want to say in the main body. It should contain the main theme of the essay and brief statements of the contents (i.e.,
organizational structure) of the essay.
(6) The concluding section is to summarize main arguments that the authors (students) made in the main body. It should contain the main theme of the essay, a brief summary of the author?s finding and/or observation. It can also contain and/or indicate the remaining problems that are not fully discussed/resolved in the essay.
(7) The conclusion section should be followed by a ?Bibliography? section. This reference section should list articles and (chapters of) books that students read and actually used in the essay writing. There are many different reference styles. In our course, I suggest that student follow American Economics Association (AEA)’s reference style.
(8) Therefore, the reference should be in the following order: the name of the author, year of publication, title of the article and/or chapter of the book (in italics) in which the article or chapter appeared, and the publishers information.
(10) When students need to quote an expression or a sentence from the original text for the purpose of an analysis, it should take the following form: ?Globalization,? according to Bhagwati, can be defined as ?the integration process of international economic systems through trade and cross- border capital flows.?(Bhagwati 2007: 12). As in this example, the citation should be in quotation marks. After the quotation, students should provide the family name of the author, year of publication, and the page number in a bracket.
(9) Paragraph and sentence format: the first sentence in the new paragraph should be indented (about 2 inches) and the each line should be double spacing.

The conspicuous consumption and pecuniary emulation: Is Veblen?s analysis of a leisure class still relevant today?
1. Introduction
Thorstein Veblen is the leading figure of the old American institutional economics, and his book The Theory of the Leisure Class has been considered one of the most important books that laid the foundation for the development of American institutional economic thinking. In this book, Veblen describes how a certain consumption behavior of a leisure class is actively emulated by lower class members in a society, with unintended consequences of reproducing and consolidating the existing leisure class dominant social institutions.
In this review, I will examine how Veblen develops a series of concepts such as ?conspicuous consumption? and ?pecuniary emulation? to analyze the relationship between individuals and institutions and the evolutionary process of social systems. For this purpose, I will introduce how Veblen conceptualizes the ?leisure class? and its conspicuous consumption pattern in the first section. I will also discuss how Veblen explains the competitive imitation process of the leisure class culture by lower and subordinate social classes and what kinds of effects this pecuniary emulation process would have on the evolution of social institutions. Finally, I will move to examine whether Veblen?s analysis of the leisure class conspicuous consumption constitutes an important alternative departure from the conventional neoclassical microeconomic consumer theory, and whether his theory is still valid and relevant for analyzing today?s economic phenomena.
2. Veblen?s conspicuous consumption and pecuniary emulation as an alternative to the marginalist consumer theory
(1) The theory of the leisure class and conspicuous consumption
(3) The last page and Conclusion
3. Conclusion
Throughout this review essay, I have argued that Veblen?s theory of conspicuous consumption is a more general and comprehensive theory of consumer behaviors, especially compared to the standard neoclassical consumer theory.
In order to show this conclusion, I have discussed the main concepts such as conspicuous consumption and pecuniary emulation, and have examined how these concepts are still relevant to the analysis of today?s consumer behaviors.
In sum, Veblen?s observation of the leisure class members? conspicuous consumption is still one of the most important behavioral aspects of consumer choice even nowadays. Veblen also successfully provides a series of institutional frameworks, in which individual members of a society can form their aspirations, expectation, and preference. This implies that human beings and individual economic agents would behave differently in a different social and institutional contexts, even if their behavioral patterns would not completely break out from the conventional habits of thought.
Kasper, Wolfgang., Streit, Manfred E., and Boettke, Peter. J. 2012. Institutional Economics ? Property, Competition, Policies. Cheltenham, UK and Northampton, MA, USA: Edward Elgar
Veblen, Thorstein. 1899. The Theory of the Leisure Class. New York: Dover Publications, Inc. (also available from; accessed on August 05,



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