"In order to stand well in the eyes of the community, it is necessary to come up to a certain, somewhat indefinite, conventional standard of wealth"

Thorstein Veblen's quote addresses a main theme in his seminal work, "The Theory of the Leisure Class", where he explores the social characteristics of economic behavior and the concept of obvious consumption. In essence, Veblen is suggesting that societal respect and status are often contingent upon fulfilling specific financial expectations or standards that are somewhat vague and culturally developed.

The phrase "in order to stand well in the eyes of the neighborhood" indicates a desire for social approval or esteem within a group. This desire for social standing drives individuals to abide by external metrics of success, which are inherently tied to product wealth. Veblen's observation reviews the public opinion to attain and display a level of wealth that aligns with community expectations. This "particular, rather indefinite, traditional requirement of wealth" indicates that these benchmarks are not fixed or universally agreed upon. Rather, they are fluid, shaped by cultural norms, historical context, and societal trends, making them rather evasive and tough to pin down precisely.

Veblen reviews how these societal standards figure out social characteristics and private actions, suggesting they oblige individuals to participate in "obvious usage". This term, which he coined, refers to purchasing products and services not for their intrinsic worth or utility, however to openly show economic power or social status. Such habits speaks to the broader review Veblen has of capitalist societies, where accumulation and ostentation of wealth become the primary signs of a person's worth or rank within the social hierarchy.

In modern terms, Veblen's insights remain pertinent as they show the continuous social focus on wealth as a measure of success. The pressure to fulfill these indefinite standards continues to influence habits, motivating an emphasis on outward appearances over fundamentally valuable qualities or contributions. This quote encapsulates the paradox of striving for societal approval through wealth, which is inherently based on mutable and frequently shallow requirements.