Investing · Western classics
Thorstein Veblen:The Theory of the Leisure Class, Excerpt 53
Thorstein Veblen《The Theory of the Leisure Class》· The Theory of the Leisure Class · Investing
So long as the community or social group is small enough and compact enough to be effectually reached by common notoriety alone that is to say, so long as the human environment to which the individual is required to adapt himself in respect of reputability is comprised within his sphere of personal acquaintance and neighborhood gossip--so long the one method is about as effective as the other. Each will therefore serve about equally well during the earlier stages of social growth. But when the differentiation has gone farther and it becomes necessary to reach a wider human environment, consumption begins to hold over leisure as an ordinary means of decency. This is especially true during the later, peaceable economic stage. The means of communication and the mobility of the population now expose the individual to the observation of many persons who have no other means of judging of his reputability than the display of goods (and perhaps of breeding) which he is able to make while he is under their direct observation.
Source:
https://www.gutenberg.org/ebooks/833
Locator:Excerpt 53 · 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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