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Thorstein Veblen (1857–1929)

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Abstract

This chapter discusses the life and work of Thorstein Veblen. Following a description of Veblen’s life history and his interest in the works of British thinkers, such as David Hume, the chapter goes on to assess Veblen’s various contributions to institutionalism, most notably his 1899 book, The Theory of the Leisure Class. It also stresses his interests beyond economics, in particular anthropology, biology, history, sociology, political science, and social psychology and how these interests fed into his views on economic man.

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Notes

  1. 1.

    Dr Joseph Dorfman has given a full account of Veblen’s life and an admirable analysis of his work in Dorfman (1934).

  2. 2.

    That Veblen grasped the significance of Mendel’s work and of the experiments to which it led is shown by his paper on “The Mutation Theory and the Blond Race” (Veblen 1913). See also his references to ‘the Mendelian rules of hybridization’ in Veblen (1914: 21–25), and in Veblen (1915: 277–278). But this appreciation, supplemented by his admiration for the experiments of Jacques Loeb, did not induce him to attempt close quantitative work of his own. Two early articles on the price of wheat and “A Schedule of Prices for the Staple Foodstuffs” drawn up for the Food Administration in 1918 are the only papers I recall in which Veblen made detailed statistical inquiries. The articles appeared in the Journal of Political Economy as Veblen (1892a, 1893); the memorandum for the Food Administration was unearthed by Dr Dorfman and may be found, minus the statistics, in Veblen (1933).

  3. 3.

    In fairness, it should be noted that Marshall’s discussions of economic behaviour are far more realistic than this schematic framework seems to promise.

  4. 4.

    See Veblen’s two papers on “The Socialist Economics of Karl Marx and His Followers” (Veblen 1906a, 1907). After dilating upon the ‘disparity between Marxism and Darwinism’ (Veblen 1906a: 582), Veblen points out that ‘the socialists of today’ (Veblen 1907: 300) have shifted from ‘the Marxism of Marx’ to ‘the materialism of Darwin’ (ibid.), though ‘of course’ without admitting that ‘any substantial change or departure from the original position has taken place’ (ibid.: 301).

References

Main Works by Thorstein Veblen

  • Veblen, T. (1884). ‘Kant’s Critique of Judgment’. Journal of Speculative Philosophy, 18(3): 260–274. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 175–193.

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  • Veblen, T. (1891). ‘Some Neglected Points in the Theory of Socialism’. Annals of the American Academy of Political and Social Science, 2(November): 57–74. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 387–408.

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  • Veblen, T. (1892a). ‘The Price of Wheat Since 1867’ and ‘Appendix III: Tables of Prices of Wheat and Other Articles’. Journal of Political Economy, 1(1): 68–103 and 156–161 respectively.

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  • Veblen, T. (1892b). ‘Boehm-Bawerk’s Definition of Capital, and the Source of Wages’. Quarterly Journal of Economics, 6(2): 247–250. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 132–136.

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  • Veblen, T. (1892c). ‘“The Overproduction Fallacy”’. Quarterly Journal of Economics, 6(4): 484–492. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 104–113.

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  • Veblen, T. (1893). ‘The Food Supply and the Price of Wheat’. Journal of Political Economy, 1(3): 365–379.

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  • Veblen, T. (1894a). ‘The Army of the Commonweal’. Journal of Political Economy, 2(3): 456–461. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 97–103.

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  • Veblen, T. (1894b). ‘The Economic Theory of Women’s Dress’. Popular Science Monthly, 46(November): 198–205. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 65–77.

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  • Veblen, T. (1896). ‘Review of The Poverty of Philosophy, by K. Marx’. Journal of Political Economy, 5(1): 97–98.

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  • Veblen, T. (1897). ‘Review of Socialism and the Social Movement in the 19th Century, by W. Sombart’. Journal of Political Economy, 5(3): 391–392.

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  • Veblen, T. (1898a). ‘Why Is Economics Not An Evolutionary Science?’. Quarterly Journal of Economics, 12(4): 373–397. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 56–81.

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  • Veblen, T. (1898b). ‘Review of About a Few Questions of Social Politics, by G. von Schmoller’. Journal of Political Economy, 6(3): 416–419.

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  • Veblen, T. (1898c). ‘Review of Reflections on the Formation and the Distribution of Riches, by A.R.J. Turgot’. Journal of Political Economy, 6(4): 575–576.

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  • Veblen, T. (1898d). ‘The Beginnings of Ownership’. American Journal of Sociology, 4(3): 352–365. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 32–49.

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  • Veblen, T. (1898e). ‘The Instinct of Workmanship and the Irksomeness of Labor’. American Journal of Sociology, 4(2): 187–201. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 78–96.

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  • Veblen, T. (1899a). ‘The Preconceptions of Economic Science: I’. Quarterly Journal of Economics, 13(2): 121–150. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 82–113.

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  • Veblen, T. (1899b). ‘The Preconceptions of Economic Science: II’. Quarterly Journal of Economics, 13(4): 396–426. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 114–147.

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  • Veblen, T. (1899c). The Theory of the Leisure Class: An Economic Study in the Evolution of Institutions. New York: Macmillan.

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  • Veblen, T. (1899d). ‘Mr. Cummings’s Strictures on “The Theory of the Leisure Class”’. Journal of Political Economy, 8(1): 106–117. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 16–31.

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  • Veblen, T. (1899e). ‘The Barbarian Status of Women’. American Journal of Sociology, 4(4): 503–514. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 50–64.

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  • Veblen, T. (1900). ‘The Preconceptions of Economic Science: III’. Quarterly Journal of Economics, 14(2): 148–179.

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  • Veblen, T. (1901a). ‘Industrial and Pecuniary Employments’. Publications of the American Economic Association, 2(1): 190–235. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 279–323.

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  • Veblen, T. (1901b). ‘Gustav Schmoller’s Economics’. Quarterly Journal of Economics, 16(1): 69–93. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 252–278.

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  • Veblen, T. (1902). ‘Arts and Crafts’. Journal of Political Economy, 11(1): 108–111. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 194–199.

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  • Veblen, T. (1903a). ‘Review of Der Moderne Kapitalismus, by W. Sombart’. Journal of Political Economy, 11(2): 300–305.

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  • Veblen, T. (1903b). ‘Review of Imperialism: A Study, by J.A. Hobson’. Journal of Political Economy, 11(2): 311–314.

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  • Veblen, T. (1904a). ‘An Early Experiment in Trusts’. Journal of Political Economy, 12(2): 270–279. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 497–509.

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  • Veblen, T. (1904b). ‘Review of An Inquiry into the Nature and Causes of the Wealth of Nations, by A. Smith’. Journal of Political Economy, 13(1): 136.

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  • Veblen, T. (1904c). The Theory of Business Enterprise. New York: Charles Scribner’s Sons.

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  • Veblen, T. (1905). ‘Credit and Prices’. Journal of Political Economy, 13(3): 460–472. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 114–131.

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  • Veblen, T. (1906a). ‘The Socialist Economics of Karl Marx and His Followers: I. The Theories of Karl Marx’. Quarterly Journal of Economics, 20(4): 575–595. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 409–430.

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  • Veblen, T. (1906b). ‘The Place of Science in Modern Civilization’. American Journal of Sociology, 11(5): 585–609.

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  • Veblen, T. (1907). ‘The Socialist Economics of Karl Marx and His Followers: II. The Later Marxism’. Quarterly Journal of Economics, 21(2): 299–322. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 431–456.

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  • Veblen, T. (1908a). ‘Professor Clark’s Economics’. Quarterly Journal of Economics, 22(2): 147–195. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 180–230.

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  • Veblen, T. (1908b). ‘Fisher’s Capital and Income’. Political Science Quarterly, 23(1): 112–128. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 148–172.

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  • Veblen, T. (1908c). ‘On the Nature of Capital: I. The Productivity of Capital Goods’. Quarterly Journal of Economics, 22(4): 517–542. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 324–351.

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  • Veblen, T. (1908d). ‘On the Nature of Capital: II. Investment, Intangible Assets, and the Pecuniary Magnate’. Quarterly Journal of Economics, 23(1): 104–136. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 352–386.

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  • Veblen, T. (1909a). ‘The Limitations of Marginal Utility’. Journal of Political Economy, 17(9): 620–636. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 231–251.

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  • Veblen, T. (1909b). ‘Fisher’s Rate of Interest’. Political Science Quarterly, 24(2): 296–303. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 137–147.

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  • Veblen, T. (1910). ‘Christian Morals and the Competitive System’. International Journal of Ethics, 20(2): 168–185. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 200–218.

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  • Veblen, T. (1913). ‘The Mutation Theory and the Blond Race’. Journal of Race Development, 3(4): 491–507. Reprinted in T. Veblen (1919) The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 457–476.

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  • Veblen, T. (1914). The Instinct of Workmanship and the State of the Industrial Arts. New York: Macmillan.

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  • Veblen, T. (1915). Imperial Germany and the Industrial Revolution. New York: Macmillan.

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  • Veblen, T. (1917). An Inquiry Into the Nature of Peace and the Terms of Its Perpetuation. New York: Macmillan.

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  • Veblen, T. (1918a). The Higher Learning in America: A Memorandum on the Conduct of Universities by Business Men. New York: B.W. Huebsch.

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  • Veblen, T. (1918b). ‘On the General Principles of a Policy of Reconstruction’. Journal of the National Institute of Social Sciences, 4(April): 37–46. Reprinted as ‘A Policy of Reconstruction’ in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 391–398.

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  • Veblen, T. (1918c). ‘The Passing of National Frontiers’. Dial, 25 April: 387–390. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 383–390.

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  • Veblen, T. (1918d). ‘Menial Servants During the Period of War’. Public, 11 May: 595–599. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 267–278.

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  • Veblen, T. (1918e). ‘Farm Labor for the Period of War’. Public, 13 July: 882–885; 20 July: 918–922; 27 July: 947–952; 3 August: 981–985. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 279–318.

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  • Veblen, T. (1918f). ‘The War and Higher Learning’. Dial, 18 July: 45–49. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 337–346.

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  • Veblen, T. (1919a). ‘The Intellectual Pre-Eminence of Jews in Modern Europe’. Political Science Quarterly, 34(1): 33–42. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 219–231.

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  • Veblen, T. (1919b). ‘The Evolution of the Scientific Point of View’. In T. Veblen, The Place of Science in Modern Civilisation and Other Essays. New York: B.W. Huebsch: 32–55. Reprinted from University of California Chronicle, 1908, 10(4): 395–416.

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  • Veblen, T. (1919c). The Vested Interests and the State of the Industrial Arts. New York: B.W. Huebsch.

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  • Veblen, T. (1919d). The Vested Interests and the Common Man. New York: B.W. Huebsch.

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  • Veblen, T. (1919e). ‘On the Nature and Uses of Sabotage’. Dial, 5 April: 341–346.

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  • Veblen, T. (1919f). ‘Bolshevism is a Menace to the Vested Interests’. Dial, 5 April: 360–361.

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  • Veblen, T. (1919g). ‘The Industrial System and the Captains of Industry’. Dial, 31 May: 552–557.

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  • Veblen, T. (1919h). ‘The Captains of Finance and the Engineers’. Dial, 14 June: 599–606.

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  • Veblen, T. (1920). ‘Review of The Economic Consequences of the Peace, by J.M. Keynes’. Political Science Quarterly, 35(3): 467–472. Reprinted as ‘The Economic Consequences of the Peace’ in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 462–470.

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  • Veblen, T. (1921). The Engineers and the Price System. New York: B.W. Huebsch.

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  • Veblen, T. (1923). Absentee Ownership and Business Enterprise in Recent Times: The Case of America. New York: B.W. Huebsch.

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  • Veblen, T. (1925). ‘Economic Theory in the Calculable Future’. American Economic Review, Papers and Proceedings, 15(1): 48–55. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 3–15.

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  • Veblen, T. (1932a). ‘Using the I.W.W. to Harvest Grain’. Journal of Political Economy, 40(6): 797–807. Reprinted as ‘Farm Labor and the I.W.W.’. In T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 319–336.

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  • Veblen, T. (1932b). ‘Outline of a Policy for the Control of the “Economic Penetration” of Backward Countries and of Foreign Investments’. Political Science Quarterly, 47(2): 189–203. Reprinted in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 361–382.

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  • Veblen, T. (1933). ‘A Schedule of Prices for the Staple Foodstuffs’. Southwestern Social Science Quarterly, 13(4): 372–377. Reprinted as ‘A Memorandum on a Schedule of Prices for the Staple Foodstuffs’ in T. Veblen (1934) Essays in Our Changing Order. Edited by L. Ardzrooni. New York: Viking: 347–354.

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Other Works Referred To

  • Bentham, J. (1823). An Introduction to the Principles of Morals and Legislation. Volume 1. London: W. Pickering.

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  • Dorfman, J. (1934). Thorstein Veblen and His America. New York: Viking Press.

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  • Marshall, A. (1910). Principles of Economics. Sixth edition. London: Macmillan.

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  • Mill, J.S. (1909). Principles of Political Economy. Edited by W.J. Ashley. Seventh edition. London: Longmans, Green and Co.

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    Wesley Clair Mitchell

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  1. Researcher in Economics, London, UK

    Robert A. Cord

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Mitchell, W.C. (2022). Thorstein Veblen (1857–1929). In: Cord, R.A. (eds) The Palgrave Companion to Chicago Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-01775-9_8

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