Thorstein Veblen: Short Bio & Economic Theories & Ideas

Thorstein Bunde Veblen (1857-1929) was born in Cato, Wisconsin. He attended Carleton College, as swell up as the universities of John Hopkins, Yale, and Cornell. He taught political economy and economicals from 1892 to 1918 at the University of Chicago, Stanford University, and the University of Misssouri. He retired in 1926 after working for 7 years at New York Citys New drill for Social Research. He was noted for his significant analysis of our economic transcription and, by Mark Blaug, for his mastery of the art of satire.# Veblen went against the modern font economic beliefs of his day. He identified a problem in our society that most did not. He tick offd that the industrialists increased issue of goods by hiring engineers to improve efficiency. This, in turn, drove prices down and slue profits, so the industry captains cut production to save profits. Ideas homogeneous this were prevalent in most of his writings and economic theories. Society, to Veblen, could be described as a division of course of studyes. The leisure class and the industrious class, the former being described as a predator, parasitic and harmful to society, and the latter being the members who create goods.

This mostly came from his most famous work, The Theory of the Leisure Class, in which he coined the phrase conspicuous consumption, which referred mainly to the unremitting American competition for social status. Veblen did not subscribe to the system of logic and natural law which formed the backbone of most economic theories of his day. He described economics as evolutionary, constantly ever-changing with the values, customs and laws of society. It was, in part, the uniqueness of his theories of the nature of economic baffle that made them so significant. Nobody else at the time seemed to notice a problem in the lavish way the soused displayed their wealth. Veblen believed strongly in regulation of business. He felt that the system would be much more efficient if experts were placed in charge of... If you want to get a full essay, position it on our website: Orderessay

Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.