Editing Thorstein Veblen (section)

==Legacy==
Veblen is regarded as one of the co-founders of the American school of [[institutional economics]], alongside [[John R. Commons]] and [[Wesley Clair Mitchell]]. Economists who adhere to this school organize themselves in the Association for Institutional Economics (AFIT). The [[Association for Evolutionary Economics]] (AFEE) gives an annual Veblen-Commons award for work in Institutional Economics and publishes the ''[[Journal of Economic Issues]]''. Some unaligned practitioners include theorists of the concept of "[[differential accumulation]]."{{sfn|Nitzan|Bichler|2002|loc=Chapter 2}}

Veblen's work has remained relevant for more reasons than the phrase "[[conspicuous consumption]]." His evolutionary approach to the study of economic systems is again gaining traction and his model of recurring conflict between the existing order and new ways can be of value in understanding the new [[global economy]].<ref>{{cite web | author = Ann Jones |title= The Man Who Saw Trump Coming A Century Ago; A Reader's Guide for the Distraught |url= http://www.tomdispatch.com/post/176550/tomgram%3A_ann_jones%2C_our_veblen_moment/ |website= Tom Dispatch | date= April 11, 2019}}</ref> In this sense some authors have recently compared the [[Gilded Age]], studied by Veblen, with the New Gilded Age and the contemporary processes of [[refeudalization]], arguing for a new global leisure class and distinctive luxury consumption.<ref>{{Cite web|url=http://interamerica.de/current-issue/kaltmeier-2/|title=Invidious Comparison and the New Global Leisure Class: On the Refeudalization of Consumption in the Old and New Gilded Age {{!}} fiar|last=Kaltmeier|first=Olaf|date=June 20, 2019 |language=en-US|access-date=March 26, 2020}}</ref>

Veblen has been cited in the writings of [[feminist economics|feminist economists]]. Veblen believed that women have no endowments{{unclear inline|date=February 2024}} and that the behavior of women instead reflects the [[social norms]] of their time and place. Veblen theorized that women in the industrial age remained victims of their "barbarian status". That has, in hindsight, made Veblen a forerunner of modern [[feminism]].<ref>{{Cite book|title=Thorstein Veblen: Theorist of the Leisure Class | author = John Patrick Diggins | publisher= Princeton University Press |year=1999 |isbn=9780691006543 |pages=xxx}}</ref>

Veblen's work has also often been cited in American literary works. He is featured in ''[[U.S.A. (trilogy)|The Big Money]]'' by [[John Dos Passos]], and mentioned in [[Carson McCullers]]' ''[[The Heart Is a Lonely Hunter]]'' and [[Sinclair Lewis]]' ''[[Main Street (novel)|Main Street]]''. One of Veblen's PhD students was [[George W. Stocking Sr.]], a pioneer in the emerging field of [[industrial organization]] economics. Another was [[Canada|Canadian]] academic and author [[Stephen Leacock]], who went on to become the head of Department of Economics and Political Science at [[McGill University]] in [[Montreal]]. The influence of ''Theory of the Leisure Class'' can be seen in Leacock's 1914 satire, ''[[Arcadian Adventures with the Idle Rich]]''.<ref>{{Cite web |last=Boyd |first=Colin |date=2012-12-03 |title=Arcadian Adventures With the Idle Rich |url=https://www.thecanadianencyclopedia.ca/en/article/arcadian-adventures-with-the-idle-rich |access-date=2022-11-08 |website=The Canadian Encyclopedia}}</ref>

[[Veblen good]]s are named for him, based on his work in ''[[The Theory of the Leisure Class]]''.