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How would Veblen respond to the argument that the market directs self- interest toward societal interest?

How would Veblen respond to the argument that the market directs self- interest toward societal interest?

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Answer #1

In this regard, Veblen would indeed respond to the argument positively and indeed his theories speak a lot about the conspicious consumption where he states that people get to purchase more luxury goods to display their economic status towards the society. WIth this, the production of luxurious products will also take a pace forward and this can get to increase the production of luxurious production and this tells us that the market gets to direct self interest towards societal interest on the whole.

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