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Thorstein Veblen: Turn of the 18th Century Economist

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The Start of Life & Personal Relationships. Born in Wisconsin in 1857. Grew up in Minnesota ... Coined the terms 'conspicuous consumption' and 'pecuniary emulation' ... – PowerPoint PPT presentation

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Title: Thorstein Veblen: Turn of the 18th Century Economist


1
Thorstein VeblenTurn of the 18th Century
Economist
http//www.lib.uchicago.edu/e/spcl/centcat/fac/fac
_img20.html
1857 -1929
  • Jennifer Lam
  • January 18, 2006

2
The Start of Life Personal Relationships
  • Born in Wisconsin in 1857
  • Grew up in Minnesota
  • Father Thomas Anderson
  • Bunde Veblen
  • Mother Kari Thorsteindatter Veblen
  • 11 siblings
  • Spouses Ellen May Rolfe Ann Fessenden Babe
    Bradley

Minnesota home where Veblen grew up.
http//www.rcbmi.com/images/case_studies/11_Veblen
F/veblem01_sm.jpg
3
Early Studies
  • Received Political Economy Philosophy instruction
    from
  • Neoclassical economist
  • in college
  • Pragmatic philosopher
  • in graduate school
  • Laissez-faire proponent
  • while studying to obtain Ph.D.

Yale University Late 1800s http//www.philaprint
shop.com/colleges.html
4
Theories of Consumption and Production
  • Neoclassical theories of consumption and
    production
  • Wrote the Theory of the Leisure Class in 1899
  • Coined the terms conspicuous consumption and
    pecuniary emulation
  • Criticized conspicuous consumption
  • Believed that much of society was driven by
    social competition

5
Activities 1900s
  • Economy professor and lecturer
  • Helped find the New School for Social
  • Research in 1919
  • Counterpart in forming
  • the Technical Alliance
  • in 1918-1919

Faculty meeting at the New School for Social
Research
6
Analytical Contribution
  • Institutionalism government control social
    reform equal distribution of income
  • Modern industry results from a conflict between
    consuming and vending goods
  • Ceremonial/instrumental
  • dichotomy
  • Emphasized connection
  • between change and
  • technology

http//www.linuxinsider.com/images/ rw3856/circuit
-technology-03.jpg
7
Relationships
  • Influences Herbert Spencer, William Graham
    Sumner, William James, Georges
  • Vacher de Lapouge, John Dewey
  • Opposed Karl Marx, Neoclassical
  • economics, German historical school
  • Influenced Wesley Clair Mitchell, Clarence Edwin
    Ayres, John Kenneth Galbraith, C. Wright Mills,
    Robert A. Brady

8
Works Cited
  • Blaug, Mark. Veblen, Thorstein Bunde. 17
    January 2007. http//qed.econ.queensu.ca/walras/bi
    os/veblen.html.
  • John Dewey. 17 January 2007. http//www.fecundit
    y.com/cgi-bin/simulacra.pl?JohnDewey.
  • Flamme, Karen. 17 January 2007. Great Economists
    and Their Times. The World of Economics.
  • http//www.rcbmi.com/images/case_studies/11_Veblen
    F/veblem01_sm.jpg
  • Thorstein Veblen. 16 January 2007. Wikipedia,
    the free encyclopedia. http//en.wikipedia.org/wik
    i/Thorstein_Veblen.
  • The University of Chicago Centennial
    Catalogues. 17 January 2007. http//www.lib.uchic
    ago.edu/e/spcl/centcat/fac/fac_img20.html.
  • The Veblenite. 17 January 2007.
    http//de.geocities.com/veblenite/index.htm.
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