Leisure and the rich today: Veblen's thesis after a century

This paper calls for a revisionist reading of the thesis of the leisure class. Veblen's great work The Theory of the Leisure Class (1899) argued that society is ruled by a leisure class. The primary identifying characteristics of this class are prodigious wealth, voluntary abnegation from pecuniary labour and conspicuous consumption. Veblen's argument suggested the decomposition of the work ethic because the characteristics cultivated by the rich would be emulated by the lower orders. Schor's The Overworked American (1991) work suggests that overwork, not leisure is one of the primary identifying characteristics of postwar culture. The article uses statistical and biographical data on the rich today to provide a counterpoint to Veblen's thesis. It is argued that the rich are not characterized by a rejection of work. On the contrary the richest people in the world typically work longer hours than the average. For these individuals work adopts a play form which probably contrasts sharply with wider social experience. Data on the leisure of Bill Gates, Warren Buffett and Richard Branson is examined to assemble a position on leisure and the rich which contrasts with the Veblen thesis.