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The psychology of early institutional economics: The instinctive approach of Thorstein Veblen's conspicuous consumer theory

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  • Felipe Almeida

    (Universidade Federal do Paraná, Brazil)

Abstract

Thorstein Veblen, a founder of original or old institutional economics, combined social and evolutionary thought in his institutionalist approach to dealing with psychological, social, and economic issues. The psychological content of Veblen's writings takes instinct and habits into consideration. The economic literature on the psychological content of Veblen's writings has focused on habits, despite the importance of instincts in Veblen's works. This paper attempts to discuss Veblen's notion of instincts in order to make its role clearer in his approach to conspicuous consumer decision making. It discusses the role of instincts, the instinct of workmanship, the relationship between habits and instincts, and their influence on the conspicuous consumer. Consequently, this paper contributes to a better understanding of how inner forces and socialization culminate in behavior in Veblen's conspicuous consumer approach

Suggested Citation

  • 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.
    • Handle: RePEc:anp:econom:v:16:y:2015:2:226_234
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    Citations

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    Cited by:

    1. Tran Dinh Phung & Vo Thi Thuy Van & Trinh Thi Huyen Thuong & Nguyen Tran Thai Ha, 2019. "Innovation and Economic Growth: The Contribution of Institutional Quality and Foreign Direct Investment," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(11), pages 1266-1278, November.
    2. Felipe Almeida, 2016. "Society and brain: A complementary approach to Thorstein Veblen’s conspicuous consumer based on Tibor Scitovsky’s neuropsychology [Society and brain: A complementary approach to Thorstein Veblen’s con," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 26(2), pages 347-367, May-Augus.
    3. 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.
    4. Arturo Hermann, 2023. "The Interpretation of Ownership: Insights from Original Institutional Economics, Pragmatist Social Psychology and Psychoanalysis," Economic Thought, World Economics Association, vol. 11(1), pages 15-36, April.

    More about this item

    Keywords

    Thorstein Veblen; Instincts; Instinct of workmanship; Institutional economics; Leisure class;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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