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Thorstein Veblen on the cultural and economic significance of modern sports

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  • Luke Petach
  • J Patrick Raines

Abstract

This paper adopts an evolutionary institutionalist approach to explain the persistent popularity of sports in the USA. Veblen’s writing in Theory of the Leisure Class suggests two cultural and economic functions of modern sports: as a mode of preservation of leisure class values and as a means of conspicuous waste. Our analysis emphasises the role of sports as an institution for the preservation of leisure class values in general, and what Veblen terms ‘predatory prowess’ in particular. We identify several contemporary examples of Veblenian cultural traits that explain the affinity for sports in America and illustrate the continued applicability of Veblen’s analysis. Finally, we offer support for the Veblenian view by expanding the scope of our argument to the broader evolutionary institutionalist literature.

Suggested Citation

  • Luke Petach & J Patrick Raines, 2023. "Thorstein Veblen on the cultural and economic significance of modern sports," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 47(2), pages 435-449.
    • Handle: RePEc:oup:cambje:v:47:y:2023:i:2:p:435-449.
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    File URL: http://hdl.handle.net/10.1093/cje/beac066
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