At the time of its initial publication in 1904, The Higher Learning in America was known in educated circles as the most reflective study ever made of the university system in America. Veblen's evaluation of the misleading notions and erroneous beliefs were inherent in "the higher learning" was received as fair by most academics. As a result, many believed he paved the way to an improved age in college education.Just as applicable today as they were decades ago, his sophisticated (...) style remains deprecatingly amusing; his biting critique just as disquieting as it was at the turn of the 19th century. The Higher Learning in America remains a penetrating book by one of America's greatest social critics.American economist and sociologist THORSTEIN BUNDE VEBLEN (1857-1929) was educated at Carleton College, Johns Hopkins University and Yale University. He coined the phrase "conspicuous consumption." Among his most famous works are The Theory of the Leisure Class (1899), The Theory of Business Enterprise (1904), and Imperial Germany and the Industrial Revolution (1915). (shrink)

Thorstein Veblen's influence on economics has been all-pervasive. The three volumes of the _Critical Assessments_ present a detailed overview of the analytical writings on Veblen from contemporary sources through to the present day. The volumes provide scholars and students everywhere with ready access to key articles which are otherwise widely scattered in learned journals and often difficult or impossible to obtain. The three volumes are arranged thematically, under the following headings: 1. The Life of Thorstein Veblen and (...) Perspectives on his Thought 2. Veblen's Political Economy 3. Specialized Topics. The set provides: *138 articles, chronologically arranged - to give students of the history of ideas and contemporary economics immediate access to the intellectual processes of this influential economist. *The selection of seminal articles - including articles most useful to historians of economic thought, as well as to contemporary economists and policy makers. Plus the articles which, looked at together, give a comprehensive account of Thorstein Veblen's thought in economics. *A vast range of published articles - by noted scholars, these reflect the wide variety of topics which Veblen considered during his career and reveal the enormous diversity of Veblen's contributon. *An invaluable reference tool - an essential addition to all libraries of economics and economic thought. (shrink)

This article advances towards the reconceptualization of financial innovation. It examines the calamitous role of financial innovation in the global financial crisis, developing a non-rational theorization of finance within the social economy that factors in the role of affect. Outlining the foundations for such an approach, the analysis draws on Thorstein Veblen and Georges Bataille, whose work encompasses psycho-social conceptions of political-economic agency. From the more anthropological lens of Veblen and Bataille's theorizations, it is possible to move beyond (...) instrumentalist accounts of financial innovation premised on pecuniary expedients and aspirations of market completion. As we argue, in a broader affective economy, contemporary financial innovation serves invidious ends, providing a means of attaining social distinction, constituting a medium for violent expenditure and bestowing access to sovereign expression on its purveyors. Highlighting the non-rational dimension of financial markets prompts a reconsideration of the nature of crisis and the means of its redress. (shrink)

Ordinal functions may be iterated transfinitely in a natural way by taking pointwise limits at limit stages. However, this has disadvantages, especially when working in the class of normal functions, as pointwise limits do not preserve normality. To this end we present an alternative method to assign to each normal function f a family of normal functions Hyp[f]=〈fξ〉ξ∈OnHyp[f]=〈fξ〉ξ∈On, called its hyperation, in such a way that f0=idf0=id, f1=ff1=f and fα+β=fα∘fβfα+β=fα∘fβ for all α, β.Hyperations are a refinement of the Veblen (...) hierarchy of f. Moreover, if f is normal and has a well-behaved left-inverse g called a left adjoint, then g can be assigned a cohyperationcoH[g]=〈gξ〉ξ∈OncoH[g]=〈gξ〉ξ∈On, which is a family of initial functions such that gξgξ is a left adjoint to fξfξ for all ξ. (shrink)

This article discusses some of the ways in which Darwinism has influenced a small minority of economists. It is argued that Darwinism involves a philosophical as well as a theoretical doctrine. Despite claims to the contrary, the uses of analogies to Darwinian natural selection theory are highly limited in economics. Exceptions include Thorstein Veblen, Richard Nelson, and Sidney Winter. At the philosophical level, one of the key features of Darwinism is its notion of detailed understanding in terms of chains (...) of cause and effect. This issue is discussed in the context of the problem of causality in social theory. At least in Darwinian terms, the prevailing causal dualism — of intentional and mechanical causality — in the social sciences is found wanting. Once again, Veblen was the first economist to understand the implications for economics of Darwinism at this philosophical level. For Veblen, it was related to his notion of 'cumulative causation'. The article concludes with a discussion of the problems and potential of this Veblenian position. (shrink)

We study the computability-theoretic complexity and proof-theoretic strength of the following statements: (1) "If X is a well-ordering, then so is ε X ", and (2) "If X is a well-ordering, then so is φ(α, X)", where α is a fixed computable ordinal and φ represents the two-placed Veblen function. For the former statement, we show that ω iterations of the Turing jump are necessary in the proof and that the statement is equivalent to ${\mathrm{A}\mathrm{C}\mathrm{A}}_{0}^{+}$ over RCA₀. To prove (...) the latter statement we need to use ω α iterations of the Turing jump, and we show that the statement is equivalent to ${\mathrm{\Pi }}_{{\mathrm{\omega }}^{\mathrm{\alpha }}}^{0}{-\mathrm{C}\mathrm{A}}_{0}$ . Our proofs are purely computability-theoretic. We also give a new proof of a result of Friedman: the statement "if x is a well-ordering, then so is φ(x, 0)" is equivalent to ATR₀ over RCA₀. (shrink)

Thorstein Veblen is perhaps best thought of as America’s answer to Karl Marx. This is sometimes obscured by the rather unfortunate title of his most important work, The Theory of the Leisure Class (1899), which misleading, insofar as it suggests that the book is just a theory of the “leisure class.” What the book provides is in fact a perfectly general theory of class, not to mention property, economic development, and social evolution. It is, in other words, a system (...) of theory that rivals Marx’s historical materialism with respect to scope, generality and explanatory power. Furthermore, it is a system of theory whose central predictions, with respect to the development of capitalism and the possibilities for emancipatory social change, have proven to be essentially correct. When stacked up against Marx’s prognostications, this success clearly provides the basis for what might best be described as an invidious comparison. (shrink)

Introduction -- Early days -- Basics -- Social evolution -- Veblen's new theory -- The critique continued -- Veblen's theory of business -- The Great War -- Revolution.

SummaryRick Tilman's new study, Veblen and his European Contemporaries, explores Veblen's conceptual relationship with a host of seminal European thinkers. Among the continuities and differences that Tilman develops, none stands out more than his strikingly original claim that in important ways Veblen's work parallels that of Ferdinand Tonnies. This essay reviews Tilman's study, with a particular emphasis on Veblen's idea of community, particularly its political and utopian aspects. Most notable in these regards is Veblen's idea (...) that a free and insurgent “spirit of insubordination” is the chief animating principle of self-regulating anarchistic communities. The essay examines tensions between Veblen's embrace of the free spirit of anarchism and his belief in the centralizing thrust of modern technology. It suggests, however, that by dramatically curtailing needs for human labor, Veblen's industrial republic might, as most systems do, fumble its way toward a rough working balance between predominant values in conflict, in this case, industry and insubordination. (shrink)

John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry's contributions in connection to Marx's and Veblen's theories, but also apply them to the socio-economic issues in (...) the 21st century. In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx's and Veblen's theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry's heterodox economics encapsulated in his "farewell" lecture, interview, and bibliography. Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading. (shrink)

One of America’s most influential social critics, Thorstein Veblen authored works deeply rooted in evolutionary biology and American philosophical naturalism—both of which help explain his institutional economics and radical sociology. Now, one of today’s preeminent Veblen scholars ranges widely over the man’s writings to show how evolutionary naturalism underlies his social theory and criticism, shapes his satire, and binds his work together. Rick Tilman’s study focuses on the intersections of social theory and social psychology, political economy and political (...) theory, and modern philosophy and intellectual history in Veblen’s thinking. It links evolutionary naturalism for the first time to Veblen’s aesthetics, secular humanism, sociology of control, sociobiology, and sociology of knowledge, and it makes groundbreaking observations regarding the relationship of Veblen’s own life to his thinking; his place as a cultural lag theorist; and his analysis of sports, gambling, and religion. Drawing on textual exegesis of Veblen’s work, unpublished correspondence, and selected archives, Tilman argues that only evolutionary naturalism could provide the philosophical foundations of Veblen’s thought. He also emphasizes Veblen’s role in the enhancement and embellishment of the social sciences and cultural studies, as well as his insights into the processes of change in the sociopolitical order. Veblen’s evolutionary naturalism, with its unflattering evaluation of America’s self-selected special place in the international arena, casts doubt on today’s foreign interventions, and it also provides a much-needed antidote to the resurgence of creationist thought in American culture. Tilman shows that Veblen’s ideas are still valuable to contemporary social scientists—indeed, that his method of analysis and values are sorely needed to help us avoid wasteful consumption, predation, and the persistence of religious superstition. This work offers readers a new appreciation of Veblen and the many issues he addressed, and of Tilman’s own masterful facility in bringing them to light. (shrink)

Few remember Thorstein Veblen (1857-1929) as a connoisseur of beauty or champion of beauty’s importance to an institutionally modern and technologically sophisticated society. Similarly few credit Veblen with any constructive theory of politics. Yet Veblen’s conception of the beautiful, his account of its role in human cultural evolution, and his critique of its perversion in the industrialized societies of the nineteenth and early twentieth centuries are invaluable to contemporary social-aesthetic aims of political and economic reconstruction. In contrast (...) to the Veblen of memory, the real Veblen devoted significant intellectual energy to building a theory of what political thinkers today call public work: creative, negotiated, open-ended production of shared goods by individuals alert both to self-interest and collective needs. Partaking of the rich tradition of philosophical pragmatism, Veblen's social aesthetics also points to that tradition's continuing value for contemporary aesthetic, social, and political theory. Indeed, further augmented by recent advances in cultural evolutionary theory, Veblen’s pragmatist, public-work aesthetics suggests a vision of democratic citizenship defined by cooperative imagination, production, critique, and re-creation of a moral and material commonwealth. The so-called “bard of savagery,” therefore, is better understood as a “bard of democracy,” narrating the travails and affirming the ideals of a culture aspiring to self-government. His is a vision that might lend the fragmented field of social aesthetics a common, compelling narrative of its own. (shrink)

1980 sonrası dönemde evrimci iktisat yükselişe geçmiş ve ana akım iktisadı tek başına değiştirme gücü vurgulanmıştır. Fakat evrimci iktisadın ne olduğuna yönelik disiplin içinde bir anlaşmazlık ve karışıklık mevcuttur. Bu karışıklığa bağlı olarak evrimci iktisat disiplinde altı farklı yaklaşımla ifade edilmektedir. Bu çalışma ise Veblen’e atıfla gelişen ve 1980’lerden günümüze Hodgson tarafından güçlü bir şekilde sürdürülen evrimci-kurumsal iktisatla ilgilidir. Hodgson, iktisadın etkin bir sosyal bilim olabilmesi için Veblen’in düşüncelerini ve Veblen’le bağlantılı Darwinizmi benimsemesi gerektiğini vurgulamaktadır. Bu öneri (...) Veblen’in post-Darwinist iktisat önerisini genelleştirilmiş Darwinizm olarak sunmaktadır. Hodgson’ın Veblen’e yaslanarak geliştirdiği genelleştirişmiş Darwinizm önerisi, fizik özelinde başlayan iktisattaki bitmeyen doğa bilimi arayışının heterodoks iktisatta da güçlü bir şekilde karşılık bulduğunu göstermektedir. Burada yapılan veya yapılmak istenen doğacılık temelinde bir sosyal teori inşasıdır. 19. yüzyıl düşünsel kodlarına bir dönüş çağrısıdır. Özelde evrimci düşünce ve genelde de doğacılık düşüncesi 19. yüzyıl düşünsel koşullarına gömülüdür. Dolayısıyla günümüzde evrimci iktisadın yükselişi, bir taraftan 19. yüzyıldakine benzer şekilde hem doğa biliminde hem de sosyal bilim de tek geçerli bilim metodolojisi ve hatta metodoloji olmanın ötesinde ontoloji teklifini içerirken diğer taraftan Batı düşüncesinin doğalcılık ve bilimcilik şeklinde tekrar örgütlendiğini göstermektedir. (shrink)

Submits a defense of the thesis that Thorstein Veblen formulated and applied to his analysis of human problems. Presents the belief that a knowledge of his philosophy will contribute to an understanding of his economic theories.

We consider Borel sets of finite rank $A \subseteq\Lambda^\omega$ where cardinality of Λ is less than some uncountable regular cardinal K. We obtain a "normal form" of A, by finding a Borel set Ω, such that A and Ω continuously reduce to each other. In more technical terms: we define simple Borel operations which are homomorphic to ordinal sum, to multiplication by a countable ordinal, and to ordinal exponentiation of base K, under the map which sends every Borel set A (...) of finite rank to its Wadge degree. (shrink)