At the time of its initial publication in 1904, The Higher Learning in America was known in educated circles as the most reflective study ever made of the university system in America. Veblen's evaluation of the misleading notions and erroneous beliefs were inherent in "the higher learning" was received as fair by most academics. As a result, many believed he paved the way to an improved age in college education.Just as applicable today as they were decades ago, his sophisticated (...) style remains deprecatingly amusing; his biting critique just as disquieting as it was at the turn of the 19th century. The Higher Learning in America remains a penetrating book by one of America's greatest social critics.American economist and sociologist THORSTEIN BUNDE VEBLEN (1857-1929) was educated at Carleton College, Johns Hopkins University and Yale University. He coined the phrase "conspicuous consumption." Among his most famous works are The Theory of the Leisure Class (1899), The Theory of Business Enterprise (1904), and Imperial Germany and the Industrial Revolution (1915). (shrink)

Thorstein Veblen is perhaps best thought of as America’s answer to Karl Marx. This is sometimes obscured by the rather unfortunate title of his most important work, The Theory of the Leisure Class (1899), which misleading, insofar as it suggests that the book is just a theory of the “leisure class.” What the book provides is in fact a perfectly general theory of class, not to mention property, economic development, and social evolution. It is, in other words, a (...) system of theory that rivals Marx’s historical materialism with respect to scope, generality and explanatory power. Furthermore, it is a system of theory whose central predictions, with respect to the development of capitalism and the possibilities for emancipatory social change, have proven to be essentially correct. When stacked up against Marx’s prognostications, this success clearly provides the basis for what might best be described as an invidious comparison. (shrink)

Introduction -- Early days -- Basics -- Social evolution -- Veblen's new theory -- The critique continued -- Veblen's theory of business -- The Great War -- Revolution.

Thorstein Veblen's influence on economics has been all-pervasive. The three volumes of the _Critical Assessments_ present a detailed overview of the analytical writings on Veblen from contemporary sources through to the present day. The volumes provide scholars and students everywhere with ready access to key articles which are otherwise widely scattered in learned journals and often difficult or impossible to obtain. The three volumes are arranged thematically, under the following headings: 1. The Life of Thorstein (...) class='Hi'>Veblen and Perspectives on his Thought 2. Veblen's Political Economy 3. Specialized Topics. The set provides: *138 articles, chronologically arranged - to give students of the history of ideas and contemporary economics immediate access to the intellectual processes of this influential economist. *The selection of seminal articles - including articles most useful to historians of economic thought, as well as to contemporary economists and policy makers. Plus the articles which, looked at together, give a comprehensive account of Thorstein Veblen's thought in economics. *A vast range of published articles - by noted scholars, these reflect the wide variety of topics which Veblen considered during his career and reveal the enormous diversity of Veblen's contributon. *An invaluable reference tool - an essential addition to all libraries of economics and economic thought. (shrink)

Few remember Thorstein Veblen (1857-1929) as a connoisseur of beauty or champion of beauty’s importance to an institutionally modern and technologically sophisticated society. Similarly few credit Veblen with any constructive theory of politics. Yet Veblen’s conception of the beautiful, his account of its role in human cultural evolution, and his critique of its perversion in the industrialized societies of the nineteenth and early twentieth centuries are invaluable to contemporary social-aesthetic aims of political and economic reconstruction. In (...) contrast to the Veblen of memory, the real Veblen devoted significant intellectual energy to building a theory of what political thinkers today call public work: creative, negotiated, open-ended production of shared goods by individuals alert both to self-interest and collective needs. Partaking of the rich tradition of philosophical pragmatism, Veblen's social aesthetics also points to that tradition's continuing value for contemporary aesthetic, social, and political theory. Indeed, further augmented by recent advances in cultural evolutionary theory, Veblen’s pragmatist, public-work aesthetics suggests a vision of democratic citizenship defined by cooperative imagination, production, critique, and re-creation of a moral and material commonwealth. The so-called “bard of savagery,” therefore, is better understood as a “bard of democracy,” narrating the travails and affirming the ideals of a culture aspiring to self-government. His is a vision that might lend the fragmented field of social aesthetics a common, compelling narrative of its own. (shrink)

Submits a defense of the thesis that Thorstein Veblen formulated and applied to his analysis of human problems. Presents the belief that a knowledge of his philosophy will contribute to an understanding of his economic theories.

One of America’s most influential social critics, Thorstein Veblen authored works deeply rooted in evolutionary biology and American philosophical naturalism—both of which help explain his institutional economics and radical sociology. Now, one of today’s preeminent Veblen scholars ranges widely over the man’s writings to show how evolutionary naturalism underlies his social theory and criticism, shapes his satire, and binds his work together. Rick Tilman’s study focuses on the intersections of social theory and social psychology, political economy and (...) political theory, and modern philosophy and intellectual history in Veblen’s thinking. It links evolutionary naturalism for the first time to Veblen’s aesthetics, secular humanism, sociology of control, sociobiology, and sociology of knowledge, and it makes groundbreaking observations regarding the relationship of Veblen’s own life to his thinking; his place as a cultural lag theorist; and his analysis of sports, gambling, and religion. Drawing on textual exegesis of Veblen’s work, unpublished correspondence, and selected archives, Tilman argues that only evolutionary naturalism could provide the philosophical foundations of Veblen’s thought. He also emphasizes Veblen’s role in the enhancement and embellishment of the social sciences and cultural studies, as well as his insights into the processes of change in the sociopolitical order. Veblen’s evolutionary naturalism, with its unflattering evaluation of America’s self-selected special place in the international arena, casts doubt on today’s foreign interventions, and it also provides a much-needed antidote to the resurgence of creationist thought in American culture. Tilman shows that Veblen’s ideas are still valuable to contemporary social scientists—indeed, that his method of analysis and values are sorely needed to help us avoid wasteful consumption, predation, and the persistence of religious superstition. This work offers readers a new appreciation of Veblen and the many issues he addressed, and of Tilman’s own masterful facility in bringing them to light. (shrink)

First published in 1994. Routledge is an imprint of Taylor & Francis, an informa company.

Though a radical critic of capitalist society, Thorstein Veblen was a political quietist. His ideas of social evolution, cultural lag, and predatory power help to explain why. Veblen saw the need for deep-seated social change but despaired of its chances. He was in crucial ways a tragic writer, a radical realist who refused to yield to the temptations of political life. Veblen's quietism also helps to explain the hesitant, often unwelcome reception more ideologically minded scholars have (...) given to his work. Attributing Veblen's quietism to timidity or confusion, they have frequently avoided coming to grips with his distinctions between theory and pragmatism, science and politics, which lie at the heart of his political refusal. Theory and science push toward reasonable explanations and accounts of things; pragmatic and predatory political actors apply “worldly wisdom” to the exploit of others. Scientists cannot change institutions; political actors cannot dispense with the operations of power. Veblen asks much of us: for he struggled to undrape the veils of power while puncturing false hopes in the prospects of democracy. His quietism situates itself within this awful contradiction. Above all, Veblen's work serves the purpose of reminding us that neither science nor democracy constitutes a self-evident ground for belief in the inherent reasonableness or justice of action per se. For these reasons alone, an acquaintance with his work should be part of any solidly grounded education in the possibilities and limits of democratic political life in a scientific age. (shrink)

No philistine, Thorstein Veblen thought humankind's innate impulse to imbue experience with aesthetic unity advanced all knowledge, and that the most beautiful objects, ideas, and actions met a standard of communal benefit reflecting humanity's naturally selected sociability. Though German idealism was an early influence, it clashed with Veblen's historicist critique of Western institutions, and it was William James's psychology that refined his ideas into a coherent aesthetics with ethical and political applications, by clarifying how instinct, habit, and (...) environment could interact to institutionalize standards of beauty subverting the native altruism of the aesthetic impulse. Over years of association with John Dewey, Veblen concluded that a redeemed and reflective will to behold and create beauty in and through selfless activity could advance a more efficient and egalitarian society, and that humans cooperatively shaping their environments for the common good could approximate the German tradition's ideal of harmonizing personal freedom and external reality. (shrink)

Despite their importance to the history of economics and social theory, social scientists and historians pay little heed to the structural similarities as well as the important divergences in the work of French-man Emile Durkheim (1858—1917) and American Thorstein Veblen (1857—1929). Consequently, this article places Durkheim and Veblen in their social and historical context, and then (1) their epistemologies are related to their use of cultural lag to explain the persistence of atavistic continuities in the existing order, (...) (2) their theories of social bonding and integration are compared to explain the meaning as well as the structural differences in their collectivism, and (3) these are linked with the predictive power of their broader socioeconomic theories to forecast the future of Western society. The two men made major contributions to the human sciences and a historical retrospect by way of comparative analysis illuminates these contributions. (shrink)

Thorstein Veblen once considered his work on instincts to be his only important contribution to economic theory. Instincts are the conditions and causes behind the formation of habits of thought, while the latter are the sine qua non elements of institutions. The article poses the question: If Veblenʼs relation instincts-habits of thought-institutions were to be thought of as a formal system, what role would they conceptually occupy? It interprets habits of thought as pure ideas in a Platonist fashion (...) (eidos)—multiplicities thought as Ideas—conceived by Georg Cantorʼs theory of manifolds and philosophically assessed by Alain Badiou positing that “mathematics is ontology.” The article aims: (1) to show how habits of thought, as institutions, abstracted from all content can be thought of as set-theoretic multiplicities; (2) to relate Veblenʼs prime instinct, the instinct of workmanship, in equivalence with set theory’s axiom of the empty set—pointing towards Veblenʼs materialist orientation. (shrink)

The Darwinian economic theory that Thorstein Veblen proposed and refined while he served as a professor of Political Economy at the University of Chicago from 1891 to 1906 should be assessed in the context of the community of Darwinian scientists and social scientists with whom Veblen worked and lived at Chicago. It is important to identify Veblen as a member of this broad community of Darwinian-inclined philosophers, physiologists, geologists, astronomers, and biologists at Chicago because Veblen’s (...) involvement with this circle suggests that the possible sources of his engagement with Darwinism extend beyond the pragmatists and Continental socialists to whom scholars have typically ascribed Veblen’s Darwinian roots. Additionally, that an extensive community continued to use Darwinian evolutionary theory to construct new models of scientific and social scientific analysis at the turn of the twentieth century, a period during which Darwinism was purportedly in decline, suggests that the “eclipse of Darwinism” narrative has been overstated in literature about Darwinism’s intellectual arc. (shrink)

Another critical analysis of the intellectual antecedents or the logical structure of Thorstein Veblen's thought is hardly needed. Since his death—iconoclasm's reward is often posthumous—a goodly number of such studies has appeared. I do not intend to add to the pile, but rather to analyze Veblen's work as representative of the response of “intellectuals” to specific ideologies and to ideology in general. This is a subject that has not received the direct attention it deserves, and, to my (...) knowledge, Veblen has never been studied in this connection.By “ideology” I mean a system of beliefs that presents value-judgments as empirical truths in order to justify, with or without conscious intent, a particular socio-economic group's claim to material and prestigial rewards. The valuejudgments in an ideology fall into two categories: those which have to do with a hero-subject, individual or group, whom the ideologue believes worthy of the rewards, and those which concern a villain-subject, individual or group, whom the ideologue believes unworthy. To win general acceptance of these valuejudgments an ideology also contains a set of reality-statements. These, in purporting to tell the “truth” about the world—about men, nature, God—serve to objectify, and thus justify, the choice of the hero and villain-subjects. (shrink)

Veblen used anthropological data as evidence to support and to develop his economic theory. He adopted many of Marx's categories and assumptions to explain the problems of modern capitalist society. Among them were class, alienation, and the essential benevolence of man. Unlike Marx, however, Veblen believed that man has to comprehend before he can act. Man can also not tolerate the disenchantment caused by a purely scientific and rational understanding of the world. Thus, man has a propensity to (...) view the world anthropomorphically, and this separates him from reality. In addition, the instinct toward workmanship which enables man to produce goods to improve his world, also generates new perceptions of and desires for ownership and status. From his study of emulation and comparison among primitive peoples, Veblen concluded that alienation results from the forces of production rather than of consumption. (shrink)

The Frankfurt School attacked Veblen ’ s claims regarding machine-induced rationality in industrial societ y. Their criticisms stemmed in part from the fact that Veblen failed to present his ideas systematically in a formal treatise on either economics or sociolog y, and because he did not use concepts or jargon familiar to the critical theorists. This article thus aims at: (1) demonstrating through textual exegesis the meaning of social rationality in the corpus of Veblen ’ s writing, (...) especiall y The Theory of Business Enterprise (1904); (2) elucidating the problems that arose in the Frankfurt School ’ s critique of Veblen because he used nomenclature and conceptualizations unfamiliar to Herbert Marcuse, Theodor Adorno and Max Horkheimer; (3) reiterating Veblen ’ s thesis on the impact of ‘transfer effects’ on workers interacting with the machine process; and (4) outlining the failure of the Frankfurt School adequately to examine his claims in the American political environment in which they were made. (shrink)

This article advances towards the reconceptualization of financial innovation. It examines the calamitous role of financial innovation in the global financial crisis, developing a non-rational theorization of finance within the social economy that factors in the role of affect. Outlining the foundations for such an approach, the analysis draws on Thorstein Veblen and Georges Bataille, whose work encompasses psycho-social conceptions of political-economic agency. From the more anthropological lens of Veblen and Bataille's theorizations, it is possible to move (...) beyond instrumentalist accounts of financial innovation premised on pecuniary expedients and aspirations of market completion. As we argue, in a broader affective economy, contemporary financial innovation serves invidious ends, providing a means of attaining social distinction, constituting a medium for violent expenditure and bestowing access to sovereign expression on its purveyors. Highlighting the non-rational dimension of financial markets prompts a reconsideration of the nature of crisis and the means of its redress. (shrink)

John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry's contributions in connection to Marx's and Veblen's theories, but also apply them to the socio-economic issues (...) in the 21st century. In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx's and Veblen's theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry's heterodox economics encapsulated in his "farewell" lecture, interview, and bibliography. Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading. (shrink)