The Beginning of Ownership
About this book
Thorstein Bunde Veblen (born Tosten Bunde Veblen July 30, 1857 – August 3, 1929) was a Norwegian-American sociologist and economist and a founder, along with John R. Commons, of the Institutional economics movement. He was an impassioned critic of the performance of the American economy, and is most famous for his book The Theory of the Leisure Class (1899). In 1892, he became a professor at the newly opened University of Chicago, simultaneously serving as managing editor of the Journal of Political Economy.Veblen developed a 20th century evolutionary economics based upon the new ideas emerging from anthropology, sociology, and psychology. Unlike the neoclassical economics that was emerging at the same time, Veblen described economic behavior as socially rather than individually determined and saw economic organization as a process of ongoing evolution. This evolution was driven by the human instincts of emulation, predation, workmanship, parental bent, and idle curiosity. Veblen wanted economists to grasp the effects of social and cultural change on economic changes. Veblen is regarded as one of the co-founders (with John R. Commons, Wesley C. Mitchell, and others) of the American school of Institutional economics. His evolutionary approach to the study of economic systems is once again in vogue and his model of recurring conflict between the existing order and new ways can be of great value in understanding the new global economy. --Wikipedia