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Veblen's Economic Theory: A Radical Analysis

Author

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  • Adil H. Mouhammed

    (Department of Economics, University of Illinois at Springfield, Springfield, IL 62794 amouhammed@aol.com)

Abstract

Veblen is a systematic economic theorist whose economic views run in parallel with those of his contemporaries. Also, his economic analysis is important for Marx's system. Veblen's economic theory as analyzed here consists of four basic components: reserve capacity, markup pricing, productivity, and aggregate demand; these elements constitute a coherent structure of economic analysis containing both microeconomics and macroeconomics used not only to analyze capitalism but to replace it. It is also argued that Veblen's economic theory is radical, because it utilizes social conflict as the driving force for social evolution.

Suggested Citation

  • Adil H. Mouhammed, 2000. "Veblen's Economic Theory: A Radical Analysis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(2), pages 197-221, June.
    • Handle: RePEc:sae:reorpe:v:32:y:2000:i:2:p:197-221
    DOI: 10.1177/048661340003200202
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    References listed on IDEAS

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    Keywords

    Veblen; Social conflict;

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