Tuesday, July 30, 2013

Economic Thought

Thorstein Veblen - public domain via Wikimedia Commons
Thorstein Veblen - via Wikimedia Commons
Henry Ford - Library of Congress, public domain
Henry Ford - Library of Congress

Interesting that Thorstein Veblen and Henry Ford shared a birthday, July 30, though born in different  years, six years apart. One wrote about the differences between the labor and leisure classes and the other personified this in his accumulation of industry and wealth. Henry Ford established and promoted one of the greatest symbols of, "conspicuous consumption", the automobile. Even though cars eventually came within everyone's capacity to own, early on it was only the wealthy who had them. Just a small Economic Thought for the day.

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