Investing · Western classics

Thorstein Veblen:The Theory of the Leisure Class, Excerpt 46

Thorstein Veblen《The Theory of the Leisure Class》· The Theory of the Leisure Class · Investing

But already at a point in economic evolution far antedating the emergence of the lady, specialised consumption of goods as an evidence of pecuniary strength had begun to work out in a more or less elaborate system. The beginning of a differentiation in consumption even antedates the appearance of anything that can fairly be called pecuniary strength. It is traceable back to the initial phase of predatory culture, and there is even a suggestion that an incipient differentiation in this respect lies back of the beginnings of the predatory life. This most primitive differentiation in the consumption of goods is like the later differentiation with which we are all so intimately familiar, in that it is largely of a ceremonial character, but unlike the latter it does not rest on a difference in accumulated wealth. The utility of consumption as an evidence of wealth is to be classed as a derivative growth. It is an adaption to a new end, by a selective process, of a distinction previously existing and well established in men's habits of thought.

Source: https://www.gutenberg.org/ebooks/833
Locator:Excerpt 46 · Verified:2026-10-19 · Verification:Short excerpt

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Does this passage change one judgment about money or risk today?

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