Thorstein Bunde Veblen was an outstanding American economist, sociologist, publicist and futurist. He entered the history of economic thought as the founder of institutionalism and the first popular critic of capitalism.

In his masterpiece The Theory of the Leisure Class (1899) Veblen combined sociology with economics and introduced the terms "leisure class" and "conspicuous consumption." According to Veblen, the leisure class included proprietors that lead a leisure lifestyle and despised work as an unworthy occupation. They did not produce anything: they just spent huge money on completely meaningless things in pursuit of the hottest trends.

Veblen was left-wing but not a Marxist. He said: "Eventually, something new will appear, but right now I do not see a better course than the one chosen by the Communists."

Veblen learned about Kuzbass from his friends and helped Herbert Calvert with advice.