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Thorstein veblen Flashcards | StudBud

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Thorstein veblen

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Questions 8

Answers

1
Which term did Veblen coin to describe the display of wealth through the purchase of luxury goods?
Conspicuous Consumption
Vicarious Consumption
Competitive Consumption
Productive Consumption
2
What are some criticisms of Veblen’s theories?
They ignore the role of technology
They overemphasize the positive aspects of capitalism
They are too focused on mathematical models
They are too pessimistic about the role of business and finance in society
3
Why do rich people waste their money, according to Veblen?
To help the economy grow
To demonstrate their wealth & social status through conspicuous consumption
To invest in future ventures
To reduce their tax liabilities
4
What does Veblen's Institutionalism focus on?
The role of institutions in shaping economic behaviour
Supply and demand
Market equilibrium
Financial markets
5
How did Veblen view the economy?
As static and unchanging
As independent of social and historical forces
As constantly changing, shaped by history and society
As solely driven by logical choices
6
Who are absentee owners according to Veblen?
Farmers who neglect their fields
Wealthy individuals who don't manage their businesses directly.
Investors actively involved in day-to-day operations
Landlords who live on their property
7
According to Veblen, what drives economic evolution?
Technological innovation & institutional adaptation
Government regulation
Consumer preference
International trade
8
What did Veblen argue could harm long-term economic health?
Prioritizing sustainability over profit
Prioritizing innovation over tradition
Prioritizing money over productive work
Prioritizing customer satisfaction over efficiency