Thorstein Veblen: A New Perspective

In spite of his extensive writings, Thorstein Veblen is an American sociologist most students of sociology know very little about. The obscurity of Veblen's work within the discipline is explained by two parallel trends: the selective utilization ofhis economic theory, and the failure to legitimize or develop his generalized social theory. Veblen's sociology explains class divisions under capitalism as outward manifestations of the desire for dominance in order to gain self-esteem and prestige. The division between pecuniary and industrial occupations illustrates this process; however, the first and most important division from which all others follow is the division between the sexes. The lack of acknowledgement in sociology of Veblen's emphasis on the primacy of the sex role division in the development of human society suggests an inquiry into either the legitimacy of his position and/or academic selection which rejects the importance ofsex role divisions. Through an examination of both Veblen's writings and later analysts of his work, this paper (1) reclaims Veblen's sex role analysis, (2) demonstrates male bias in the social sciences, and (3) considers the applicability of Veblen's theory with contemporary feminist theory

Veblen in the (Inner) City: On the Normality of Looting

Drawing on Veblen's concept of 'pecuniary prowess' I will argue that the August riots can be understood not so much in terms of protest but as an appropriation of the underlying acquisitive logic of capitalism. The violent realisation of that logic across class divides has become more likely due to an erosion in plausibility of discourses of meritocratic legitimacy. Recent denigrating discourses around \"chavs\" as dangerous and undeserving poor can be understood as attempts to reinstate meritocratic legitimacy rhetorically, but in an increasingly unequal society this becomes an ever more difficult enterprise. On the other hand, the assertion of the order of property through an effective police response may have eased the pressure by providing evidence that anxieties about a full scale insurgence are unfounded.August 2011 Riots; Thorstein Veblen; Inequality; Capitalism; Violence

Honor among thieves? Socio-economic theories of Thorstein Veblen in the plays of David Mamet

Award-winning playwright David Mamet has acknowledged numerous times his indebtedness to the socio-economic theories of turn-of-the-century economist Thorstein Veblen, whom Mamet credits as influencing the motivation of the characters in several of his plays set in work-related environments. Veblen, who was largely influenced by Darwin and Freud, declared that the economic institution of capitalism encourages an instinctive predatory animus in man to surface due to capitalism\u27s encouragement of the ownership of private property. Veblen asserted that the desire for private property goes beyond one\u27s essential physiological needs and is driven instead by the psychological drive to improve one\u27s self-esteem and project a predatory image to one\u27s peers. Veblen introduced three key concepts regarding his socio-economic theory: predatory animus, pecuniary emulation and conspicuous waste. Interpreting Mamet\u27s business-oriented plays (American Buffalo, Glengarry Glen Ross, Speed the Plow and The Water Engine) based on these concepts will allow insight into Mamet\u27s point of view on the capitalist principles of the United States and his own motivation for creating such plays and the characters that inhabit them. By examining these plays from the perspective of a Veblenian critical theory, Veblen\u27s socio-economic theory of the leisure class will be tested as the foundation upon which Mamet builds dramatic structures that comment on the capitalist social structure of the United States. This study constructs and applies a Veblenian literary theory to Mamet\u27s plays to examine their subtext and to question whether that subtext is consistent with Veblen\u27s socio-economic theory on capitalism introduced in his first and most influential book, The Theory of the Leisure Class. This study then concludes that Mamet\u27s credit to Veblen as an influence is warranted. The characters in Mamet\u27s plays have a strong need to improve their self-esteem by successfully conveying a predatory image; the most respectable image a capitalist can achieve. Most of the characters in the plays in question fail to realize this sought-after level of predatory status, which is testament to the Darwinian nature of capitalism, where survival only comes to the fittest. The purpose of this study is two-fold: to further develop the largely overlooked theory of Veblenian literary interpretation and apply it thoroughly to the business plays of Mamet to examine how the theory works, and to introduce a new approach to Mamet scholarship; one that constructs a socio-economic interpretation of the canon by establishing a hierarchy of economic relationships and character motives

Evolutionary Game Theory and Thorstein Veblen’s Evolutionary Economics: Is EGT Veblenian?

This essay provides an approach to the analysis of the link between Thorstein Veblen's evolutionary approach and evolutionary game theory (EGT). We shed some light on the potential contribution of Veblen's theory of socioeconomic evolution to the discussion on the application of EGT to social environments. We also investigate to what extent elements of EGT can be used to formalize some of the basic evolutionary principles proposed by Veblen. The methodological imperatives laid down by Veblen, defining an evolutionary approach, are presented. We provide an analytical framework that allows the evaluation of EGT in terms of Veblen's evolutionary approach. To better understand the main principles and rationale behind EGT and how it can be applied as a tool for analyzing issues on the diversity, interaction, and evolution of social systems, we discuss this nontraditional approach and its basic concepts. Finally, the main characteristics of EGT are contrasted with Veblen's principles.Evolution; Evolutionary Economics; Evolutionary; Game Theory; Games

VEBLEN: PIONEER OF OPEN ECONOMIC REALITY

In this study, it is argued that the main failure of mainstream economics is its inability to establish a social ontology and Thorstein Veblen, the founder of the Institutional Economics school, has an important role in establishing this social ontology. Considering the social and economic reality as a closed system, which mainstream economics presupposes in the analysis, is the main reason behind its failure to produce solutions to real world problems. The necessity of an open system ontology is a common issue for heterodox schools of economics that opposes the mainstream. It will be argued that Veblen’s analysis has the ideas that form the basis of this concept. First, the basic elements of the open system approach will be discussed. Then, it will be argued that the elements of the evolutionist approach, the relationship between structure-agent, the rejection of positivism and the cumulative causality in Veblen’s analysis are consistent with the open system approach

Thorstein Veblen's contribution to the solution of contemporary American social problems.

Thesis (M.A.)--Boston Universit

Commons, Veblen and Inequalities: Looking Up or Down?

The aim of this article is to show that even if both Commons and Veblen denounce the increase in inequalities they do not approach the issue from the same angle Linking together those at the top of the social ladder and the lower classes Commons is primarily concerned with the latter A real improvement in their lot requires a correction of the excesses of capitalism Veblen on the contrary focuses on the dominant classes whom he opposes to the common men He attacks them by accusing them of being responsible for systemic dysfunctions However the waste of resources they cause is not directly associated with the emergence of social misery In the end the poor find themselves on the periphery of his mode