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Thorstein Veblen Versus The Institutionalists

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  • Floyd B. McFarland

    (Department of Economics, Oregon State University, Corvallis, OR 97331.)

Abstract

Veblen was a critic of business civilization who focused his attention upon widespread social habits of thought, or institutions. Thorough-going, radical change would be required in such societies, which tended towards war, predation, exploitation, and inefficiency. Neo-Institutionalists have distorted his views by categorizing activity as either technology or institution, with blatant technological determinism, believing technology forces suitable change in institutions by changing their setting. Hence society "self-corrects" its problems, with "drags" but not revolution.

Suggested Citation

  • Floyd B. McFarland, 1985. "Thorstein Veblen Versus The Institutionalists," Review of Radical Political Economics, Union for Radical Political Economics, vol. 17(4), pages 95-105, December.
    • Handle: RePEc:sae:reorpe:v:17:y:1985:i:4:p:95-105
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