 | |
| Author | Thorstein Veblen |
|---|---|
| Country | United States |
| Language | English |
| Subject | Economics, Political economy |
| Published | 1921 |
| Publisher | B. W. Huebsch |
The Engineers and the Price System, by Thorstein Veblen, is a compilation of a series of papers originally published in The Dial in 1919, [1] each of which mainly analyzes and criticizes the price system, planned obsolescence, and artificial scarcity. [2] The final chapter outlined a plan for a "soviet of technicians". [3]
Nerstrand is a city in Rice County, Minnesota, United States.
Thorstein Bunde Veblen was an American economist and sociologist who, during his lifetime, emerged as a well-known critic of capitalism.
In sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical. In 1899, the sociologist Thorstein Veblen coined the term conspicuous consumption to explain the spending of money on and the acquiring of luxury commodities specifically as a public display of economic power—the income and the accumulated wealth—of the buyer. To the conspicuous consumer, the public display of discretionary income is an economic means of either attaining or of maintaining a given social status.
A Veblen good is a type of luxury good, named after American economist Thorstein Veblen, for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them 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 of economics and sociology, and a critique of conspicuous consumption as a function of social class and of consumerism, which are social activities derived from the social stratification of people and the division of labor; the 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 was a social movement active in the United States and Canada in the 1930s which favored technocracy as a system of government over representative democracy and concomitant partisan politics. Historians associate the movement with engineer Howard Scott's Technical Alliance and Technocracy Incorporated, prior to the internal factionalism that dissolved the latter organization during the Second World War. Technocracy was ultimately overshadowed by other proposals for dealing with the crisis of the Great Depression. The technocracy movement proposed replacing partisan politicians and business people with scientists and engineers who had the technical expertise to manage the economy. But the movement did not fully aspire to scientocracy.
Technocracy is a form of government in which the decision-makers are selected based on their expertise in a given area of responsibility, particularly with regard to scientific or technical knowledge. Technocracy follows largely in the tradition of other meritocracy theories and assumes full state control over political and economic issues.
In economics, a price system is a system through which the valuations of any forms of property are determined. All societies use price systems in the allocation and exchange of resources as a consequence of scarcity. Even in a barter system with no money, price systems are still utilized in the determination of exchange ratios between the properties being exchanged.
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.
Geoffrey Martin Hodgson is Emeritus 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.
Economic reconstruction is a process for creating a proactive vision of economic change. The most basic idea is that problems in the economy, such as deindustrialization, environmental decay, outsourcing, industrial incompetence, poverty and addiction to a permanent war economy are based on the design and organization of economic institutions. Economic reconstruction builds on the ideas of various institutional economists and thinkers whose work both critiques existing economic institutions and suggests modes of organizing society differently. Economic reconstruction, however, places much more emphasis on the idea of alternative plans and alternative organization.
The Thorstein Veblen Farmstead is a National Historic Landmark near Nerstrand in rural Rice County, Minnesota. The property preserves the childhood home of Norwegian-American economist and sociologist Thorstein Veblen (1857-1929), best known for his 1899 treatise The Theory of the Leisure Class.
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.
Paradox of Prosperity is a term used widely in many instances in economics, social theory and general commentary. In inter-generational analysis, Professor Gilbert N. M. O. Morris defines the term through an analysis of the familial dynamics and social proclivities of what Tom Brokaw has called the "Greatest Generation". Morris argues that:
"A paradox of prosperity is revealed and shown to be stable in the cycles of economic advancement between generations. I would put the matter this way: If one accepts, for example, that Mr. Brokaw's 'Greatest Generation' were characterised by prudence, diligence, and patriotism in deed rather than word, that very generation produced its opposite in the generation that followed it. That is to say, I have found it repeated across the ages and across cultures, that the more diligent a previous generation, as a natural propensity, the more licentious the generation that follows. Invariably therefore, the generation that exhibits the more cogent properties of character for the best sort of citizenship fails to produce a generation of the same or similar characteristics."
Engineers and the Price System Veblen.
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