Veblen

Thorstein Veblen

1. Veblen Basics

Began his studies as a philosophy major, with economics as his minor. Went to Carleton College, Hopkins, then finished a doctorate in philosophy at Yale (1884). Retreated to Minnesota for 6-7 years, reading, writing and occasionally working. Had no other intellectual or occupational stimulation, save his wife (“a classmate of literar gifts” -42, horowitz) … -became detached from “conventional viewpoints” (42, horowitz) and from American mainstream society, allowing him the ability to observe the American economic system as an outsider, looking in. Entered Cornell as a grad student in 1891 and wrote a paper on “Some Neglected Points” of socialist theory (42, horowitz) This paper attracted the attention of Professor J. Laurence Laughlin, who, while at Cornell was asked to head the newly formed Econ deptartment at U Chicago. Brought Veblen with him to the faculty.

He saw “systems as volitional rather than deterministic in character, formed by human beings rather than by actors playing out preordained scripts.” (ix, Horowitz) The closest 20th century America came to producing a “freewheeling intellectual” -ix, Horowitz) -- not defined by a specific college or university or system or departmental orthodoxy “For all his faith in socialism as a system, it was individualism that clearly made him stand apart as a man.” (-ix, horowitz)

2. Veblen as a Marxist / offering an updated Marxism

Arthur K. Davis- Given a broad conception of Marxism, “many if not most of Veblen’s apparent departures from Marxism (such as his criticism of Marx’s overemphasis on rational class conciousness in history) become either corrections of particular Marxian propositions or original contributions to that tradition.” -282, Radicals Veblen’s ‘conspicuous consumption,’ Davis argues, was “a point Marx mentions but nowhere develops.” -282, Radicals “The biographical evidence is overwhelming that Veblen became permanently and intensely interested in Marxism early in his career.” -282, Radicals “The Marxian concept of change tended to overemphasize the rational change stemming from class-concious interest. Veblen’s correction of Marx on this point is one of his more important contributions to the Marxian tradition.” -283, Radicals

E.K. Hunt “While Veblen cannot properly be considered a disciple of Marx, the parallels between the two great thinkers are striking.” 325, hunt’s book -”insisted on a historical approach to the study of capitalism; both saw capitalism as a historically unique and historically transient society based on the exploitation of the direct producers by a numerically small ruling class of parasitic owners.” 325, hunt’s book

3. Veblen's departure from Marxism / as a critic

John Patrick Diggins “Half a century separated Marx from Veblen. Thus when Marx studied the ideas and theoretical assumptions of capitalism, his economic analysis took its point of departure from the modern natural rights traditions... When Veblen studied economics toward the end of the nineteenth century, the discipline was in a state of ferment and confusion.” 43, Diggins “A chief source of controversy was the theory of labor expounded by Marx himelf. “ -43, Diggins Veblen on marx -45, Diggins

Michael G. Smith “Marx, Technocracy and the Corporatist Ethos,” pp. 235

4. References

a1. Marx and Veblen on Human Nature, History, and Capitalism: Vive la Difference! 1993, Stephen Edgell and Jules Townshend http://www.jstor.org/stable/4226715

a2. Marx, Technocracy and the Corporatist Ethos 1988, Michael G. Smith http://www.jstor.org/stable/20100377

”Ultimately, Marx sought to achieve efficient order in society by way of democratization of both the workplace and technical knowledge. Veblen wanted to make a better product; Marx a better man.” -235

a3. The Socialist Economics of Karl Marx and his Followers 1906, Thorstein Veblen http://www.jstor.org/stable/1882722

a4. Varieties of Capitalism from the Perspectives of Veblen and Marx 1995, Geoffrey M. Hodgson http://www.jstor.org/stable/4226972

a5. Veblen, Weber and Marx on Political Economy 1993, Michael W. Hughey and Arthur J. Vidich http://www.jstor.org/stable/20007108

a6. Intellectual Antecedents of Thorstein Veblen: A Reappraisal Edgell and Tilman, 1989 http://www.jstor.org/stable/4226207

“To date, there is no adequate comprehensive assessment of Veblen’s primary intellectual antecedents. Consequently, the purpose of this article paper is to establish the main parameters of such an endeavor.” pp. 1004

a7. Varieties of capitalism and varieties of economic theory G.M. Hudson, 1996 http://www.jstor.org/stable/4224780

Refer to a4 for a more extensive discussion. This, however, is a more concise and updated version of Hudson’s arguments.

b1. History of Economic Thought: A Critical Perspective E.K. Hunt, 1979 “His analysis, like Marx’s, was historically oriented in every aspect.” (300) “Human history was, for Veblen, the history of the evolution of social institutions.” (301) “In many of his writings Veblen referred to these common patterns of human behavior as ‘instincts’ “. (301) “ ‘In economic life, as in other lines of human conduct, habitual modes of activity and relations have grown up and have by convention settled into a fabric of institutions. These institutions...have a prescriptive, habitual force of their own.’ “ 301 --[Veblen, “Fisher’s Rate of Interest,” in Essays in Our Changing Order]

b2. Veblen’s Century Irving Louis Horowitz, ed. , 2002

Intro is of value, highlights importance of Veblen (in econ thought) and lends interesting insight into his character.