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Assessment
What concept is Thorstein Veblen best known for introducing?
Conspicuous consumption
Supply and demand
The invisible hand
Comparative advantage
In which of his notable works did Veblen critique the leisure class?
The Theory of the Leisure Class
Principles of Economics
The Wealth of Nations
The General Theory of Employment, Interest, and Money
What did Veblen argue about the role of institutions in economics?
They play a critical role in shaping economic behavior.
They are irrelevant to the economic process.
They only serve to hinder economic progress.
They are solely a product of governmental policy.
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