Thorstein Veblen

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Thorstein Veblen

The Columbia Encyclopedia, Sixth Edition | 2008 | The Columbia Encyclopedia, Sixth Edition. Copyright 2008 Columbia University Press. (Hide copyright information) Copyright

Thorstein Veblen , 1857-1929, American economist and social critic, b. Cato Township, Wis. Of Norwegian parentage, he spent his first 17 years in Norwegian-American farm communities. After studying at Carleton College and at Johns Hopkins, Yale (where he received a Ph.D. in 1884), and Cornell universities, Veblen taught at Chicago, Stanford, and Missouri universities and at the New School for Social Research, New York City. Detached from the dominant American society by his cultural background and temperament, Veblen was able to dissect social and economic institutions and to analyze their psychological bases, thus laying the foundations for the school of institutional economics. His dry, involved, satiric style enabled Veblen to coin famous phrases such as "conspicuous consumption." In his criticism of the price system, his analysis of the business cycle, and his interpretation of the role of technical men in modern society, there are implications for social engineering. Veblen did not achieve popular acclaim in his time but has since exerted significant influence. His works include The Theory of the Leisure Class (1899), The Theory of Business Enterprise (1904), Imperial Germany and the Industrial Revolution (1915), The Engineers and the Price System (1921), and Absentee Ownership and Business Enterprise in Recent Times (1923). He also translated The Laxdoela Saga (1925) from the Icelandic. Essays in Our Changing Order was published in 1934. Anthologies of his writings have been edited with introductions by W. C. Mitchell (1936) and Max Lerner (1948).

Bibliography: See selected writings ed. by W. C. Mitchell (1936, repr. 1964) and M. Lerner (1950). See also biographies by J. Dorfman (1934, repr. 1966), J. A. Hobson (1936, repr. 1971), and D. F. Dowd (1964); studies by R. V. Teggart (1932, repr. 1966), S. Daugert (1950), D. F. Dowd, ed. (1958), and C. C. Qualey, ed. (1968).

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Veblen, Thorstein Bunde

World Encyclopedia | 2005 | © World Encyclopedia 2005, originally published by Oxford University Press 2005. (Hide copyright information) Copyright

Veblen, Thorstein Bunde (1857–1929) US sociologist and economist. Veblen wrote The Theory of the Leisure Class (1899), in which he introduced the idea of conspicuous consumption. He founded the institutionalist school, believing that economics must be studied in the context of social change.

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Veblen, Thorstein

The Oxford Companion to United States History | 2001 | | © The Oxford Companion to United States History 2001, originally published by Oxford University Press 2001. (Hide copyright information) Copyright

Veblen, Thorstein (1857–1929), sociologist, economist, social critic.Raised by frugal Norwegian parents on the Wisconsin frontier, Thorstein Veblen graduated from Carleton College in Minnesota and studied philosophy at Johns Hopkins and Yale universities (with the sociologist and champion of social Darwinism William Graham Sumner). Although educated and socialized to middle‐class norms, Veblen remained a perpetual outsider. He dressed eccentrically, spoke with a difficult accent, and wrote about American customs in the manner of an anthropologist researching an alien culture. Witty and erudite yet often aloof from colleagues and students, he had a well‐deserved reputation as a womanizer that contributed to his dismissal from academic posts at Chicago, Stanford, Harvard, and Missouri. Veblen died alone in a mountain cabin above Palo Alto, California.

Veblen's most significant contribution to American social thought lay in redefining economics as the study of cultural meanings imputed to material goods. Classical economics, which he rejected, reduced human behavior to an idealized model of rational economic calculation in which the inexorable laws of commerce and Adam Smith's “invisible hand” combined to assure social progress. For Veblen, the prototypical rational man of classical economics did not exist. In The Theory of the Leisure Class (1899), he traced the corruption of the instinct for “workmanship” in a commercial society. Work, originally a source of pride, became irksome by its association with lower status. To flaunt its privileged avoidance of labor, the “leisure class” developed an elaborate hierarchy of “wastemanship” involving the ostentatious display of surplus wealth and the virtual ownership of women. Through patterns of intermarriage and emulation, “conspicuous consumption” saturated morality, aesthetics, religion, and education, thus fortifying a “pecuniary” social order.

Although primarily a critique of the subtle exercise of power, Veblen's book gained popularity as a biting satire of upper‐class pretensions. Turning to the political implications of his theory, Veblen in The Theory of Business Enterprise (1904), The Instinct of Workmanship (1914), and Engineers and the Price System (1921) issued dire warnings and tentative solutions. As the profit motive eroded the instinct for industry, he argued, a conservative regime of business managers was increasingly corrupting the democratic process. Expanding the Darwinian theme of his first book—in which workers forced to adapt to the changing economic environment were the fittest to survive and progress—Veblen saw hope in an alliance of workers and engineers dedicated to the rational and systematic solution of social problems. A reluctant reformer at best, Veblen moved to Washington, D.C., in 1917 to support the war effort and then to New York City, where radical postwar intellectuals enlisted him in the revolt against the Victorian establishment.

Subsequent scholars who braved Veblen's turgid prose found him a compelling yet puzzling thinker. Some wondered if his legendary sense of irony hinted at radical thoughts he dared not express directly. But Veblen resisted easy categorization: He was critical of mass culture but too irreverent to be a conservative; hostile to big business but too pessimistic to be a liberal; insightful about capitalist hegemony but too skeptical to be a Marxist. Feminists applauded his insights into patriarchy and his support of woman suffrage, but questioned his personal behavior. In the 1930s, New Dealers posthumously adopted him as a theoretician of government intervention. Critics continue to debate his historical significance, admiring his prophetic attention to consumer culture but finding his biological determinism problematic.
See also Engineering; Gilded Age; Progressive Era; Social Class; Social Science; Sociology; Twenties, The.

Bibliography

Joseph Dorfman , Thorstein Veblen and His America, With New Appendices, 1966.
John P. Diggins , The Bard of Savagery, 1978.
Rick Tilman , Thorstein Veblen and His Critics, 1992.

Andrew Chamberlin Rieser

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Paul S. Boyer. "Veblen, Thorstein." The Oxford Companion to United States History. Oxford University Press. 2001. Encyclopedia.com. 5 Dec. 2009 <http://www.encyclopedia.com>.

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Paul S. Boyer. "Veblen, Thorstein." The Oxford Companion to United States History. Oxford University Press. 2001. Retrieved December 05, 2009 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O119-VeblenThorstein.html

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Free newspaper and magazine articles

Free Article Thorstein Veblen's analysis of German intellectualism: institutionalism as a forecasting method.
Magazine article from: The American Journal of Economics and Sociology; 7/1/1995
Free Article Veblen's theory of institutional change: an explanation of the deregulation of Japanese financial markets.
Magazine article from: The American Journal of Economics and Sociology; 7/1/1995
Free Article Dowd, Douglas, Ed. (2002). Understanding Capitalism: Critical Analysis from Karl Marx to Amartya Sen.(Book review)
Magazine article from: The American Journal of Economics and Sociology; 11/1/2008

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