He revolutionized economics with his rigorous mathematical formulation of the mechanics of the price system.
He demonstrated the tremendous theoretical power of demand and supply curves, and bequeathed to economics the critical distinction between the short run and the long run.
[See Marginalist School]
United States, 1857-1929
One of the leading Institutionalists, he is best remembered for his theory of "conspicuous consumption" which parodied the ostentation of the Gilded Age.
[See Institutionalist School]