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Veblen and the Business Cycle: A Marxist Perspective

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  • Adil Mouhammed

    (Department of Economics, Sangamon State University, Springfield, IL 62794-9243)

Abstract

Many economists have explained Veblen's business cycle either by concentrating on competition, demand, etc., or by stressing Veblen's financial fragility theory. In this article, it is argued that Veblen has combined the rising labor cost theory with financial fragility theory to explain downturns in business activity. For Veblen, capitalism is not capable of eliminating business cycles because of the competitive friction between business capital and workers.

Suggested Citation

  • Adil Mouhammed, 1994. "Veblen and the Business Cycle: A Marxist Perspective," Review of Radical Political Economics, Union for Radical Political Economics, vol. 26(1), pages 134-148, March.
    • Handle: RePEc:sae:reorpe:v:26:y:1994:i:1:p:134-148
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