Originally published in 1909, this is a work by Thorstein Veblen, an American economist and sociologist. It is an article written for the Journal of Political Economy publication outlining some of his theories on economics. We are republishing this work with a brand new introductory biography of the author with the aim of placing it in the context of his other writings and achievements. The following passage is an extract from the article: 'The limitations of the marginal-utility economics are sharp and characteristic. It is from first to last a doctrine of value, and in point of form and…mehr
Originally published in 1909, this is a work by Thorstein Veblen, an American economist and sociologist. It is an article written for the Journal of Political Economy publication outlining some of his theories on economics. We are republishing this work with a brand new introductory biography of the author with the aim of placing it in the context of his other writings and achievements. The following passage is an extract from the article: 'The limitations of the marginal-utility economics are sharp and characteristic. It is from first to last a doctrine of value, and in point of form and method it is a theory of valuation. The whole system, therefore, lies within the theoretical field of distribution, and it has but a secondary bearing on any other economic phenomena than those of distribution -- the term being taken in its accepted sense of pecuniary distribution, or distribution in point of ownership.'
Thorstein Bunde Veblen (July 30, 1857 - August 3, 1929) was an influential American economist and sociologist, renowned for his critical analysis of capitalism and his contributions to institutional economics. Veblen's most famous work, The Theory of the Leisure Class (1899), introduced the concepts of "conspicuous consumption" and "conspicuous leisure," which critique the extravagant display of wealth and status by the upper class. His work examined how the wealthy class's consumption patterns are driven by the desire to show social superiority rather than for practical use, and he argued that this behavior leads to societal inefficiency and waste. Veblen's theories also laid the groundwork for the institutional economics perspective, emphasizing the role of institutions, such as laws, customs, and social structures, in shaping economic behavior. He distinguished between "institutions" and "technology," a framework known as the Veblenian dichotomy, which remains influential in contemporary economic thought. Veblen's critiques of capitalism, alongside his focus on the broader societal context in which economic activities occur, have made him a significant figure in the field of economics and sociology.
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