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Veblen's Discounted Expected Earnings Streams: Monopoly and Make-Believe

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  • Craig Allan Medlen

Abstract

The paper has two purposes. The first is to explore Thorstein Veblen's contention that the theory of discounted earnings streams is inexorably linked to monopoly power. This contention has contemporary relevance. Modern price theory follows Irving Fisher's original claim that discounted streams has universal application and is consequently divorced from any explicit reference to industrial structure. The second purpose is to examine Veblen's anthropological claim that the transformation of discounted “make-believe” streams into present values reinforces a spiritual aura surrounding financial elites and their social standing.

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  • Craig Allan Medlen, 2017. "Veblen's Discounted Expected Earnings Streams: Monopoly and Make-Believe," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 24(1), pages 119-142, January.
    • Handle: RePEc:taf:eujhet:v:24:y:2017:i:1:p:119-142
    DOI: 10.1080/09672567.2016.1159241
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    References listed on IDEAS

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    1. Lawrence J. White, 2013. "A Close Connection between the Disciplines of Industrial Organization and Finance: A Worthy Objective or a Bridge Too Far?," Working Papers 13-15, New York University, Leonard N. Stern School of Business, Department of Economics.
    2. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    3. Veblen, Thorstein, 1921. "The Engineers and the Price System," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1921.
    4. J. P. Raines & Charles G. Leathers, 2000. "Economists and the Stock Market," Books, Edward Elgar Publishing, number 1235.
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