Invention

Thorstein Veblen (July 30, 1857 – August 3, 1929) was a Norwegian-American sociologist and economist and a founder, along with John R. Commons, of the Institutional economics movement.

Despite the fact that he lived about 100 years ago, Veblen’s work remains relevant today, and not simply for his phrase “conspicuous consumption.” His evolutionary approach to the study of economic systems is once again in vogue and his model of recurring conflict between the existing order and new ways helps in understanding the new global economy.

A famous quote of Thornstein’s is

Invention is the mother of necessity.

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