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Thorstein Veblen on economic man: toward a new method of describing human nature, society, and history

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  • Noriko Ishida

    (Nihon University)

Abstract

The fact that Veblen was a keen critic of the neo-classical concept of “economic man” is well known. However, the following issues have not been discussed in enough depth: how he rebuilt the traditional theory of human nature through his new methodology of economics, how much his methodological revision broadened the scope of economics, and what kind of phenomena Veblen’s economic theory elucidates. This article examines these issues and aims to show the logical connection between Veblen’s controversial proposal on the methodology of economics and his analysis of economic phenomena. Specifically, it reconsiders Veblen’s analysis of economic action using a unique concept of instincts, his logic of explaining the relation between society and human nature, his way of drawing history from the relativistic worldview, and his characteristic method of grasping the cause and effect of economic phenomena. Finally, it highlights the importance of modifying the concept of “economic man” by focusing on the qualitative aspect. Particular reference is made to the economic concepts of utility, efficiency, and intangibility.

Suggested Citation

  • Noriko Ishida, 2021. "Thorstein Veblen on economic man: toward a new method of describing human nature, society, and history," Evolutionary and Institutional Economics Review, Springer, vol. 18(2), pages 527-547, September.
    • Handle: RePEc:spr:eaiere:v:18:y:2021:i:2:d:10.1007_s40844-020-00194-x
    DOI: 10.1007/s40844-020-00194-x
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    References listed on IDEAS

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    1. Thorstein Veblen, 1909. "The Limitations of Marginal Utility," Journal of Political Economy, University of Chicago Press, vol. 17(9), pages 620-620.
    2. Rutherford,Malcolm, 1996. "Institutions in Economics," Cambridge Books, Cambridge University Press, number 9780521574471, September.
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    4. Warren J. Samuels, 1990. "The Self-Referentiability of Thorstein Veblen’s Theory of the Preconceptions of Economic Science," Journal of Economic Issues, Taylor & Francis Journals, vol. 24(3), pages 695-718, September.
    5. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
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    8. Felipe Almeida, 2015. "The psychology of early institutional economics: The instinctive approach of Thorstein Veblen's conspicuous consumer theory," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 16(2), pages 226-234.
    9. Veblen, Thorstein, 1909. "The Limitations of Marginal Utility," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 17.
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    11. Hans E. Jensen, 1987. "The Theory of Human Nature," Journal of Economic Issues, Taylor & Francis Journals, vol. 21(3), pages 1039-1073, September.
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    Cited by:

    1. Warchlewska Anna, 2024. "The Frailty of Models, the New Era, or a Rotten World of Consumers’ Financial Behaviour?," Central European Economic Journal, Sciendo, vol. 11(58), pages 159-177, January.

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    More about this item

    Keywords

    Economic man; Human nature; Qualitative; Utility; Efficiency; Intangibility;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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