In 1899 Thorstein Veblen wrote The Class Theory of Leisure: An Economic Study of Institutions. In this work, Veblen presented critical thinking that concerns people's habits and related social norms. It explores how some people ignore the divisions that exist within the social system, subsequently emulating certain aspects of the leisure class in an attempt to present an image of higher social status. He also presented the theory of conspicuous consumption, which refers to a case in which a person can satisfy his or her needs by purchasing a lower-cost product that is equal in quality and functionality to its more expensive counterpart; however, said person chooses to purchase the more expensive product and, in doing so, attempts to present an image of higher social status. The nearly 110-year cycle between 1899 and 2010 reveals little difference in purchasing behaviors, beyond the different selection of luxury goods to indulge in or overindulge in. It is interesting to consider Veblen's theory of conspicuous consumption as it pertains to the present day. fashion industry, especially the luxury fashion industry. In The Theory of the Leisure Class, Veblen states that “we all find an expensive article of hand-knitted clothing much preferable to its less expensive imitation”; however, in the early 20th century, couture clothing was only available to those who were very wealthy, simply due to the cost of the garments. By the mid-1930s, companies began to change their thinking after seeing the enormous profit the Walt Disney Company received once it obtained the license to make Mickey Mouse merchandise. Christian Dior was the first of many designers to follow...... middle of paper ...... episode of the HBO television series entitled Sex and the City, which serves as a modern example of this thinking. The protagonist, Carrie Bradshaw, is evicted from her apartment while facing personal financial difficulties, and when she realizes she no longer has a place to live, she states: “I'm homeless. I'll be a bag lady. A lady of Fendi bags, but a lady of bags. Veblen's work has been, and continues to be, quite controversial; however, his analyzes of human behavior in relation to social structure and consumption were far from inaccurate. Interestingly, it appears that his theories have become increasingly accurate over time, as demonstrated by how conspicuous consumption and the “Veblan effects” have both played a significant role in changing not only the fashion industry of luxury as a whole, but also changing the image and symbolic nature of the luxury good.