Thorstein Veblen (1857-1929), was one of the founders of institutional economics and one of the most influential of social theorists. His Theory of the Leisure Class was one of the first serious accounts of the role of leisure in modern society and the concept of conspicuous consumption' that it spawned has remained relevant to this day. Throughout his work Veblen drew on Social Darwinism and emphasised the importance of broader social factors in determining economic outcomes.