Thorstein Veblen

Thorstein Veblen was an economist who lived in the late 1800s and early 1900s. He studied how people in society spend their money and the different classes that form because of this. He noticed that people in more well-off positions used their money to show off their wealth and status, while people in poorer positions were not able to show off in the same way. He called this concept "conspicuous consumption" and used it to explain why people in certain positions made certain choices with their money. Basically, Thorstein Veblen suggested that people spent money in ways that would make them appear wealthy and powerful.