Veblen went against the modern economic beliefs of his day. He identified a problem in our society that most did not. He noticed that the industrialists increased production of goods by hiring engineers to improve efficiency. This, in turn, drove prices down and cut profits, so the industry captains cut production to save profits. Ideas like this were prevalent in most of his writings and economic theories.
Society, to Veblen, could be described as a division of classes. The "leisure class" and the "industrious class", the former being described as a predator, parasitic and harmful to society, and the latter being the members who produce goods. This mostly came from his most famous work, The Theory of the Leisure Class, in which he coined the phrase "conspicuous consumption", which referred mainly to the constant American competition for social status.
Veblen did not subscribe to the logic and natural law which formed the backbone of most economic theories of his day. He described economics as evolutionary, constantly changing with the values, customs and laws of society. It was, in part, the uniqueness of his theories of the nature of economic order that made them so significant. Nobody else at the time seemed to notice a problem in the lavish way the wealthy displayed their wealth.
Veblen believed strongly in regulation of business. He felt that the system would be much more efficient if experts were placed...