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Veblen's Predator and the Great Crisis

Author

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  • John Hall
  • Iciar Dominguez-Lacasa
  • Jutta Günther

Abstract

With this inquiry we attribute cause for the current and "Great Crisis" to Veblen's predator. After summarizing origins and manifestations of this crisis we juxtapose Veblen's emphasis upon the predator to other potential causes for crisis and crises. Noted to have emerged when our stock of human knowledge provided for the creation of surplus, Veblen's predator is presented as capable of metamorphosis and also driving evolution of our capitalistic system: whether this means emerging as the businessman in the "era of the machine," or the investment banker promoting a financial metaphysics in the current "era of finance."

Suggested Citation

  • John Hall & Iciar Dominguez-Lacasa & Jutta Günther, 2012. "Veblen's Predator and the Great Crisis," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(2), pages 411-418.
    • Handle: RePEc:mes:jeciss:v:46:y:2012:i:2:p:411-418
    DOI: 10.2753/JEI0021-3624460216
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    Cited by:

    1. Vladislav Valentinov & Lioudmila Chatalova, 2014. "Transaction Costs, Social Costs and Open Systems: Some Common Threads," Systems Research and Behavioral Science, Wiley Blackwell, vol. 31(2), pages 316-326, March.
    2. Valentinov, Vladislav, 2014. "K. William Kapp's theory of social costs: A Luhmannian interpretation," Ecological Economics, Elsevier, vol. 97(C), pages 28-33.

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