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THORSTEIN VEBLEN'S ECONOMIC SYSTEM

Donald A. Walker

Open publisher page 37 citations

Abstract

This study provides a foundation for an understanding of Veblen's economics by displaying its various parts as components of a system, and analyzing and evaluating them. An examination is made of Veblen's views on the subject-matter of economics, his general theory of economic change, his theory of economic change under capitalism, and his prediction of the end of capitalism, under the emergence of a new economic order. It is shown that he constructed a highly general theory economic change that was scientific in character, but that in dealing with capitalism he wrote primarily as a social philosopher and ideologist.

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What this paper is about

This study provides a foundation for an understanding of Veblen's economics by displaying its various parts as components of a system, and analyzing and evaluating them. An examination is made of Veblen's views on the subject-matter of economics, his general theory of economic change, his theory of economic change under capitalism, and his prediction of the end of capitalism, under the emergence of a new economic order. It is shown that he constructed a highly general theory economic change that was scientific in character, but that in dealing with capitalism he wrote primarily as a social philosopher and ideologist.

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OpenAlex reports 37 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

This study provides a foundation for an understanding of Veblen's economics by displaying its various parts as components of a system, and analyzing and evaluating them. An examination is made of Veblen's views on the subject-matter of economics, his general theory of economic change, his theory of economic change under capitalism, and his prediction of the end of capitalism, under the emergence of a new economic order. It is shown that he constructed a highly general theory economic change that was scientific in character, but that in dealing with capitalism he wrote primarily as a social philosopher and ideologist.

Key concepts: Veblen good, Capitalism, Neoclassical economics, Economics, Institutional economics, Subject (documents), Positive economics, Order (exchange)

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