StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Thorstein Veblen Paper - Essay Example

Cite this document
Summary
This paper addresses how the work of Thorstein Veblen relates to several issues in U.S. economic history. Since one of Veblen's central ideas is the notion that man's attitudes for the most part are not calculated and rational but dictated by the institutions by which he lives, we can go quickly through the institutions that shaped Veblen's mind to better understand his manner of thinking and what influenced his work.
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.3% of users find it useful
Thorstein Veblen Paper
Read Text Preview

Extract of sample "Thorstein Veblen Paper"

Download file to see previous pages

His father's systematic and methodical practice of his craft, and the simple work ethic of the people around him, made a lasting imprint on his mind. The impact on his thinking of the marked behavioral and lifestyle contrast between the industrious, hardworking farmer-artisans and the small businessmen, traders, and lawyers (mostly white Americans) in the towns found its expression in much of his work in later years. Until 1891, when Veblen found a teaching post at the economics faculty of the University of Chicago, he was practically a professional failure.

But once he was attached to an "institution" of higher learning, he thrived and his career blossomed, moving to Stanford in 1906, the University of Missouri in 1910, and in 1918 worked at various posts, lectured, and wrote thought-provoking works that continue to challenge modern minds to this day. We see in this distinction his insight into the working of the economy as a coordinated system with two components: the producing, technology-driven, practical side called industry and the coordinating, value-providing, and capital stimulating business enterprise.

His concept of industry does not only relate to the working of machines. Veblen applies it equally to agriculture and animal husbandry as to encompass any activity that involves a series of precise, interdependent, and interlocking processes that are larger in scope than the machines, animals, and crops that are harnessed for public consumption and convenience. He calls 'captains of industry' those who coordinate these industrial processes.Veblen (6) looked at industrial process as having two clear and general characteristics: it has to be well-coordinated and precise.

These, he concluded, would lead to greater efficiency and the development of standards that, in turn, would lead to uniformity. The eventual conclusion in a market where free competition exists is the production of goods that are more affordable, an increase in consumption, and the development of new products based on profits generated by the continuing industrial process.The over-all coordination of the machine industrial processes has to be done with precision, because any imbalance would affect its efficiency, threatening the integrity of the system and producing waste, idleness, and hardships (18).

How is such over-all coordination achieved This is where the business enterprise plays an important and decisive role.Veblen states (19) that "the organization of the several industries as well as the interstitial adjustments and discrepancies of the industrial process at large are of the nature of pecuniary transactions and obligations. It therefore rests with the business men to make or mar the running adjustments of industry."Business, in

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Thorstein Veblen Paper Essay Example | Topics and Well Written Essays - 2750 words”, n.d.)
Thorstein Veblen Paper Essay Example | Topics and Well Written Essays - 2750 words. Retrieved from https://studentshare.org/miscellaneous/1514823-thorstein-veblen-paper
(Thorstein Veblen Paper Essay Example | Topics and Well Written Essays - 2750 Words)
Thorstein Veblen Paper Essay Example | Topics and Well Written Essays - 2750 Words. https://studentshare.org/miscellaneous/1514823-thorstein-veblen-paper.
“Thorstein Veblen Paper Essay Example | Topics and Well Written Essays - 2750 Words”, n.d. https://studentshare.org/miscellaneous/1514823-thorstein-veblen-paper.
  • Cited: 0 times

CHECK THESE SAMPLES OF Thorstein Veblen Paper

The Theory of Leisure Class

From the discussion in the paper "The Theory of Leisure Class," it is clear that In the sequence of cultural evolution the emergence of a leisure class coincides with the beginning of ownership.... This is necessarily the case for these two institutions result from the same set of economic forces....
14 Pages (3500 words) Research Paper

Consumer Consumption

The paper 'Consumer Consumption' presents consumer expenditure which has been introduced by economists from different viewpoints of different ages.... For instance, veblen introduced the theory of 'conspicuous consumption' during the late 1890s signifying customers' intention to buy a commodity.... As in the case of the veblen approach, consumers are termed to have no such influence on the price of the commodity; whereas, in the neo-classical theory, customers are considered as one of the major catalysts to influence the commodity price (Himmelweit & et....
9 Pages (2250 words) Term Paper

Tocqueville's Theory of Democracy and Veblen's Theory of the Leisure Class

The paper “Tocqueville's Theory of Democracy and Veblen's Theory of the Leisure Class” explains that both social formations - democracy and the leisure class - can lead to the refusal or abuse of freedom.... This paper will, therefore, make a comparative study of the theory of Democracy in America by Tocqueville and the Theory of the Leisure class as postulated by Veblen.... On the other part, veblen came up with the theory of leisure class which was first published in 1889....
8 Pages (2000 words) Term Paper

Status Consumption as a Factor in Product Demand

… The researcher of this paper aims to present that Status Consumption, as originally defined by thorstein veblen in his “Theory of the Leisure Class,” refers to purchasing and the subsequent displays of unnecessary, expensive items in a manner that suggest or rather attract attention to an individual's wealth.... he paper "Status Consumption as a Factor in Product Demand" examines Status Consumption as a factor that drives product demand within specific social groupings....
10 Pages (2500 words) Research Paper

Conspicuous Consumption in China

This study aimed at examining what has precipitated a surge in conspicuous consumption among Chinese, in spite of the recent global economic regression.... China's consumers sector shows a constant growth as well as increased share in global sales for some the world's largest… In order to explore what has led to conspicuous consumption in china, the study analyzed factors that affect purchases of luxury products....
14 Pages (3500 words) Research Paper

Comparing the Theories of Darwin and Spencer

The writer of this paper is comparing the theories of Darwin and Spencer.... Though we have come far from the time of Spencer and Darwin, their theories may help the modern day scientists in inducing evolution among the human species via scientific approach.... hellip; Charles Darwin was a British naturalist....
5 Pages (1250 words) Research Paper

A Documentation of Fashion Trends during 1890s and 1900

Despite their mature ages, The Prince of Wales, Edward, and his wife, Princess Alexandra became fashion leaders with a lifestyle more vibrant and colorful than Queen Victoria had ever had  thorstein veblen presented The theory of the Leisure Class, a social critique in which he coined the term “conspicuous consumption” in order to explain the Western culture's tendency to exhibit family wealth through material objects, in particular, women clothing.... This paper tries to briefly document the men's, women's, and children's clothing fashion during the 1890s and 1900 and the factors that influenced it....
5 Pages (1250 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us