The American political economist, sociologist, and social critic Thorstein Bunde Veblen (1857-1929) wrote about the evolutionary development and mounting internal tensions of modern Western society. Thorstein Veblen was born on July 30, 1857, in Valders, Wisconsin. He was the sixth of twelve children of Norwegian immigrant parents. Veblen graduated in 1880 from Carleton College, Minnesota, and in 1884 he took his doctorate in philosophy at Yale. He was a brilliant student, yet failed to get an academic post--apparently because of his "Norski" background and his skepticism of established institutions. For seven years Veblen read books on the farm in Minnesota, tinkered with farm machinery, and took part in village discussions. In 1888 he married Ellen Rolfe.

In 1891 Veblen revived his academic career by enrolling as a graduate student in economics at Cornell. A year later he moved to the University of Chicago, where he stayed for 14 years. Despite numerous papers and book reviews...