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Nerstrand is a city in Rice County, Minnesota, United States. The population was 294 at the 2018 census.
Thorstein Bunde Veblen was an American economist and sociologist, who during his lifetime emerged as a well-known critic of capitalism.
Conspicuous consumption is the spending of money on and the acquiring of luxury goods and services to publicly display economic power of the income or of the accumulated wealth of the buyer. To the conspicuous consumer, such a public display of discretionary economic power is a means of either attaining or maintaining a given social status.
A Veblen good is a type of luxury good for which the demand for a good increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. A higher price may make a product desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
The Theory of the Leisure Class: An Economic Study of Institutions (1899), by Thorstein Veblen, is a treatise on economics and a detailed, social critique of conspicuous consumption, as a function of social class and of consumerism, derived from the social stratification of people and the division of labour, which are social institutions of the feudal period that have continued to the modern era.
The trickle-down effect is a model of product adoption in marketing that affects many consumer goods and services.
Veblen may refer to:
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 American Economic Review article by Walton H. Hamilton. Institutional economics emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions. The earlier tradition continues today as a leading heterodox approach to economics.
The technocracy movement is a social and ideological movement which arose in the early 20th century. Technocracy was popular in the United States and Canada for a brief period in the early 1930s, before it was overshadowed by other proposals for dealing with the crisis of the Great Depression. The technocracy movement proposed replacing politicians and businesspeople with scientists and engineers who had the technical expertise to manage the economy.
Technocracy is an ideological system of governance in which a decision-maker or makers are elected by the population or appointed on the basis of their expertise in a given area of responsibility, particularly with regard to scientific or technical knowledge. This system explicitly contrasts with representative democracy, the notion that elected representatives should be the primary decision-makers in government, though it does not necessarily imply eliminating elected representatives. Decision-makers are selected on the basis of specialized knowledge and performance, rather than political affiliations or parliamentary skills.
In economics, a price system is a component of any economic system that uses prices expressed in any form of money for the valuation and distribution of goods and services and the factors of production. Except for more economically isolated communities, all modern societies use price systems to allocate resources, although price systems are not used exclusively for all resource allocation decisions.
Wesley Clair Mitchell was an American economist known for his empirical work on business cycles and for guiding the National Bureau of Economic Research in its first decades.
Conspicuous leisure is a concept introduced by the American economist and sociologist Thorstein Veblen, in The Theory of the Leisure Class (1899). Conspicuous or visible leisure is engaged in for the sake of displaying and attaining social status. The concept comprises those forms of leisure that seem to be fully motivated by social factors, such as taking long vacations to exotic places and bringing souvenirs back. Conspicuous leisure is observed in all societies where stratification exists. Conspicuous leisure contributes to the glorification of non-productivity, thus validating the behavior of the most powerful classes and leading the lower classes to admire rather than revile the leisure class. This aids the leisure class in retaining their status and material position. Veblen's more well-known concept of "conspicuous consumption" is employed when non-productivity can be more effectively demonstrated through lavish spending.
Geoffrey Martin Hodgson is a Professor in Management at the London campus of Loughborough University, and also the editor-in-chief of the Journal of Institutional Economics.
The Theory of Business Enterprise is an economics book by Thorstein Veblen published in 1904 that looks at the growing corporate domination of culture and the economy.
Institutionalist political economy, also known as institutional political economy or IPE, refers to a body of political economy, thought to stem from the works of institutionalists such as Thorstein Veblen, John Commons, Wesley Mitchell and John Dewey. It emphasizes the impact of historical and socio-political factors on the evolution of economic practices, often opposing more rational approaches. In the political sense, this implies the influences actors like the state have on socio-economic practices and the shaping of institutions via political decision-making.
The Thorstein Veblen Farmstead is a National Historic Landmark near Nerstrand in rural Rice County, Minnesota, United States. The property is nationally significant as the childhood home of Thorstein B. Veblen (1857-1929), an economist, social scientist, and critic of American culture probably best known for The Theory of the Leisure Class, published in 1899.
The Technical Alliance was a group of engineers, scientists, and technicians based in New York City, formed towards the end of 1919 by American engineer Howard Scott. The Alliance started an Energy Survey of North America, aimed at documenting the wastefulness of the capitalist system.
Workmanship is a human attribute relating to knowledge and skill at performing a task. Workmanship is also a quality imparted to a product. The type of work may include the creation of handcrafts, art, writing, machinery and other products.
Pride of workmanship is the gratifying sense of having done good work. It is an element of job satisfaction.
References
- ↑ Edgell, Stephen (2015). Veblen in Perspective. Routledge. p. 27. ISBN 9781563241161.
- ↑ Veblen, Thorstein (1921). The Engineers and the Price System (PDF). New York: B. W. Huebsch. Retrieved 14 June 2015.
- ↑ Akin, William (1977). Technocracy and the American Dream . University of California Press. p. 24. ISBN 9780520031104.
Engineers and the Price System Veblen.
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