The Theory of the Leisure Class
Considered the first in-depth critique of consumerism, economist Thorstein Veblen's 1899 book The Theory of the Leisure Class has come to be regarded as one of the great works of economic theory. Using contemporary and anthropological accounts, Veblen held that our economic and social norms are driven by traces of our early tribal life, rather than ideas of utility.
Stats for nerds
20recommend
66mentions
46people
2009–2026years
38% recommend61% neutral2% critical
Mentions per year
What Hacker News says
- Well just read some good old Veblen's Theory of the Leisure Class or Pareto's (yes that Pareto) Circulation of the Elite all written hundred years ago, to understand this pattern is ancient. It doesnt break because it relies on human nature. Too much power corrupts everyone.
- To be read with Veblen's Theory of the Leisure Class. Which needs to be updated for the over Info+Network age.
At its essence its about how Signaling works within a population, to keep it together inspite of the vast difference between individuals.
Veblen signalling is basically - look at my leisure activities - look at all the luxury (what I eat/where I stay/what I wear etc) - look who hangs out with us - look at all the ribbons, awards, and costumes and uniforms - aren't we cool peacocks - if you want to hang out with us and have fun, better do what we tell you.
This is a very useful and effective shortcut to group/social cohesion, when there is massive and growing Info Asymmetry and Knowledge Gaps between everyone.
In the short term. It breaks down over time.
And there are good signs in the age of over info, too many signals, and too many paths to leisure and luxury, the breakdown is happening faster and faster. The environment has changed and old short cuts are less effective.
Leisure and Luxury are just tools to pull people into the same boat. New tools and signals are required to keep them there.
- Read The Theory of the Leisure Class and understand what the purpose is of "Conspicuous Luxury".
It is usually taught to business and economics classes to servants of the Elite that require that knowledge to manage their assets. Not to the "high skilled" clueless servants in the factory and design studios.
- Read Pareto's Circulation of the Elites and Veblen's Theory of the Leisure Class.
All possible behavior of the Ruling and Non-Ruling Elites is covered. "Tech" Elites aren't doing anything different from what Elites of the past have done.
- So many reasons -
1. Financialization of the Economy - finance dominates all other sectors of the economy - people who already have cash make better returns via the stock market, real estate, insurance, lending it out etc. So Old rich people don't have to use their brains much to make cash.
2. All sectors are already monopolized by them. Even Amazon hasn't brought down Walmart which for 25 years everyone was claiming was about to happen. And you won't see Apple taking on Wall St or Google taking out AT&T or Spacex taking out Boeing or any new power ever making a pass at Exxon, Big Pharma or the MIL complex. Why new powers find it so hard?
3. Then there is the great US Dollar. IMF and World bank dont hand over "development" loans to the poors of the world in their local currency but in Dollars. Where are those people going to get dollars from? They either have to sell off their assets to the old monopolies above or forced to buy stuff from the old monopolies above. Keeps them fully dependent. It all ensures old power stays in power without having to compete on merit with new powers.
4. Then there is signalling or mass media messaging 24x7. Tell the world great stories about merit and the market and the elections, and behind the scenes rig the shit out of everything to hold on to your chair. All ambitious people do this young and old and in every country because its in their nature. But the oldies have been playing the game much longer. And their stories and tactics are much richer and deep. See Theory of the Leisure Class. Most of the younger people who are better than them, will constantly be seen PUBLICLY bowing and bending and thanking them for their existence. That doesn't happen by accident.
Thankfully old people die.
- This stuff their assistants do for them. To understand how they use signalling be aware of The Theory of the Leisure Class.
Related
Stone age economics
3 recommend · 11
The harried leisure class
1 recommend · 3
Economic theory in retrospect
3 recommend · 4
2010–2026
Leisure the basis of culture
18 recommend · 30
Leisure
1 recommend · 3
The affluent society
11 recommend · 26
Capitalism and freedom
22 recommend · 61
