Conspicuous Consumption

Coined by sociologist Thorstein Veblen in his 1899 book The Theory of the Leisure Class, published during the Gilded Age. Veblen described how the newly wealthy displayed economic power through acquiring luxury goods—not for utility, but as public demonstrations of wealth and social prestige. Written during the era of robber barons like John D. Rockefeller and Andrew Carnegie, Veblen's analysis examined consumer behavior emerging from capital accumulation during the Second Industrial Revolution.