A Neoinstitutional Theory of Social Change in Veblen’s The Theory of The Leisure Class 1

What pertinence does Thorstein Veblen’s widely read but insufficiently understood volume, The Theory of the Leisure Class (1899), have for those guiding social and economic change in contemporary economies? What does it offer beyond provocative captions and social satire? It is the purpose of this essay to demonstrate something of the continuing relevance of Veblen’s contribution by identifying and exploring various aspects of his theory of social change, first introduced in his Leisure Class.