We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

See Pricing

What's Your Topic?

Hire a Professional Writer Now

The input space is limited by 250 symbols

What's Your Deadline?

Choose 3 Hours or More.
Back
2/4 steps

How Many Pages?

Back
3/4 steps

Sign Up and See Pricing

"You must agree to out terms of services and privacy policy"
Back
Get Offer

Thorstein Veblen: Short Bio & Economic Theories &

Hire a Professional Writer Now

The input space is limited by 250 symbols

Deadline:2 days left
"You must agree to out terms of services and privacy policy"
Write my paper

IdeasThorstein Bunde Veblen (1857-1929) was born in Cato, Wisconsin. He attended Carleton College, as well as the universities of John Hopkins, Yale, and Cornell. He taught political economy and economics from 1892 to 1918 at the University of Chicago, Stanford University, and the University of Misssouri. He retired in 1926 after working for seven years at New York Citys New School for Social Research. He was noted for his significant analysis of our economic system and, by Mark Blaug, for his mastery of the art of satire.

#Veblen went against the modern economic beliefs of his day. He identified a problem in our society that most did not. He noticed that the industrialists increased production of goods by hiring engineers to improve efficiency. This, in turn, drove prices down and cut profits, so the industry captains cut production to save profits. Ideas like this were prevalent in most of his writings and economic theories. Society, to Veblen, could be described as a division of classes.

Don't use plagiarized sources. Get Your Custom Essay on
Thorstein Veblen: Short Bio & Economic Theories &
Just from $13,9/Page
Get custom paper

The “leisure class” and the “industrious class”, the former being described as a predator, parasitic and harmful to society, and the latter being the members who produce goods. This mostly came from his most famous work, The Theory of the Leisure Class, in which he coined the phrase “conspicuous consumption”, which referred mainly to the constant American competition for social status.

Veblen did not subscribe to the logic and natural law which formed the backbone of most economic theories of his day. He described economics as evolutionary, constantly changing with the values, customs and laws of society. It was, in part, the uniqueness of his theories of the nature of economic order that made them so significant. Nobody else at the time seemed to notice a problem in the lavish way the wealthy displayed their wealth. Veblen believed strongly in regulation of business. He felt that the system would be much more efficient if experts were placed in charge of distribution and production. He was concerned with the power of business enterprise. These and other concerns were raised in some of his other notable works such as The Theory of Business Enterprise (1904), The Instinct of Workmanship (1914), The Place of Science in Modern Civilization (1919), and The Engineers and the Price System (1921). His work, however, was certainly not in vain. He influenced the development of policy trend which shifted toward more governmental activity and social control. This was an important step for consumers in a time when big business had an incredible amount of power and economic influence.

1. Blaug, Mark. Great Economists Before Keynes: An Introduction to the Lives and Works of One Hundred Great Economists of the Past. Brighton. Wheatsheaf, 1986.

2. “Thorstein Veblen,” Economics: Principles and Practices. Clayton, Gary. Brown, James. Merrill Publishing. Columbus, 19883. “Veblen, Thorstein Bunde,” Microsoft?Encarta?Online Encyclopedia 2000.

http://encarta.msn.com. 1997-2000 Microsoft Corporation.

4. Veblen, Thorstein. The Theory of the Leisure Class: An Economic Study of Institutions. Macmillan. New York, 1902. 66+Words/ Pages : 490 / 24

Cite this Thorstein Veblen: Short Bio & Economic Theories &

Thorstein Veblen: Short Bio & Economic Theories &. (2019, Apr 21). Retrieved from https://graduateway.com/thorstein-veblen-short-bio-economic-theories/

Show less
  • Use multiple resourses when assembling your essay
  • Get help form professional writers when not sure you can do it yourself
  • Use Plagiarism Checker to double check your essay
  • Do not copy and paste free to download essays
Get plagiarism free essay

Search for essay samples now

Haven't found the Essay You Want?

Get my paper now

For Only $13.90/page