At the time of its initial publication in 1904, The Higher Learning in America was known in educated circles as the most reflective study ever made of the university system in America. Veblen's evaluation of the misleading notions and erroneous beliefs were inherent in "the higher learning" was received as fair by most academics. As a result, many believed he paved the way to an improved age in college education. Just as applicable today as they were decades ago, his sophisticated style remains deprecatingly amusing; his biting critique just as disquieting as it was at the turn of the 19th century.

Veblen is famous for the idea of "conspicuous consumption." Conspicuous consumption, along with "conspicuous leisure," is performed to demonstrate wealth or mark social status. Veblen explains the concept in his best-known book, The Theory of the Leisure Class (1899). Within the history of economic thought, Veblen is considered the leader of the institutional economics movement. Veblen's distinction between "institutions" and "technology" is still called the Veblenian dichotomy by contemporary economists.