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On the Evolution of Thorstein Veblen's Evolutionary Economics

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  • Hodgson, Geoffrey M

Abstract

This article addresses the origins of Thorstein Veblen's evolutionary economics, as announced in his 1898 essay 'Why is economics not an evolutionary science?.' Before 1897, and partly under the influence of C. Lloyd Morgan, Veblen rejected biological reductionism. Veblen's 1897 endorsement of a critique of Marxism by Max Lorenz shows that he found Karl Marx's account of human action too limiting. By this time, Veblen had also rejected the idea of either the individual or society as exclusive foundations for social science. Instead, he embraced an evolutionary framework of explanation along Darwinian lines, involving multiple levels of explanation and emergent properties. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Hodgson, Geoffrey M, 1998. "On the Evolution of Thorstein Veblen's Evolutionary Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(4), pages 415-431, July.
    • Handle: RePEc:oup:cambje:v:22:y:1998:i:4:p:415-31
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    Cited by:

    1. Vicente Ferreira, 2019. "Why Economics Must be an Evolutionary Science," Working Papers Department of Economics 2019/01, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    2. Abdallah Zouache, 2014. "De la question coloniale chez les anciens et néo-institutionnalistes," Revue d'économie politique, Dalloz, vol. 124(1), pages 129-149.
    3. Damien Talbot, 2001. "Proximités et dynamiques des relations de sous-traitance : le cas d’EADS airbus à Toulouse," Post-Print halshs-00584656, HAL.
    4. John Finch, 2000. "Is post-Marshallian economics an evolutionary research tradition?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(3), pages 377-406.
    5. Senderski, Marcin, 2014. "Ecumenical foundations? On the coexistence of Austrian and neoclassical views on utility," MPRA Paper 67024, University Library of Munich, Germany.
    6. Damien TALBOT, 2011. "Institutions, organizations and space: forms of proximity (In French)," Cahiers du GREThA (2007-2019) 2011-06, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    7. Angela Ambrosino & Paolo Silvestri, 2020. "Hodgson: An Institution Across Disciplinary Barriers," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 54(2), pages 329-348, December.
    8. Guido Buenstorf, 2012. "Introduction," Chapters, in: Guido Buenstorf (ed.), Evolution, Organization and Economic Behavior, chapter 1, Edward Elgar Publishing.
    9. Tamila Arnania-Kepuladze, 2014. "Institutions: Uncertainty In Definition Of The Term. A Brief Look At The History: 1890-1930," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 9(4), pages 79-102, December.
    10. Luis Ricardo Navarro Díaz, 2012. "Una mirada a las instituciones de San Basilio de Palenque (Colombia) a través de los postulados de Douglass C. North y Thorstein Veblen," Revista de Economía del Caribe 10285, Universidad del Norte.
    11. Olivier Brette & Nathalie Lazaric & Victor Vieira da Silva, 2017. "Habit, decision making, and rationality : comparing Veblen and early Herbert Simon," Post-Print halshs-01310305, HAL.
    12. Alexander Lenger, 2018. "Shared Mental Models and Habitus Towards a Mentality-Driven Economics," Journal of Contextual Economics (JCE) – Schmollers Jahrbuch, Duncker & Humblot, Berlin, vol. 138(1), pages 31-51.
    13. Spender, J. C., 2024. "Simon and Knight," MPRA Paper 120891, University Library of Munich, Germany.
    14. Olivier Brette, 2003. "Thorstein Veblen's theory of institutional change: beyond technological determinism," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(3), pages 455-477.

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