IDEAS home Printed from https://ideas.repec.org/a/avo/emipdu/v31y2022i2p603-621.html
   My bibliography  Save this article

Veblen: Pioneer Of Open Economic Reality

Author

Listed:
  • Fatma Esra Soylu

    (Alanya Alaaddin Keykubat University,Department of Economics, Alanya, Turkey)

Abstract

In this study, it is argued that the main failure of mainstream economics is its inability to establish a social ontology and Thorstein Veblen, the founder of the Institutional Economics school, has an important role in establishing this social ontology. Considering the social and economic reality as a closed system, which mainstream economics presupposes in the analysis, is the main reason behind its failure to produce solutions to real world problems. The necessity of an open system ontology is a common issue for heterodox schools of economics that opposes the mainstream. It will be argued that Veblen’s analysis has the ideas that form the basis of this concept. First, the basic elements of the open system approach will be discussed. Then, it will be argued that the elements of the evolutionist approach, the relationship between structure-agent, the rejection of positivism and the cumulative causality in Veblen’s analysis are consistent with the open system approach.

Suggested Citation

  • Fatma Esra Soylu, 2022. "Veblen: Pioneer Of Open Economic Reality," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 31(2), pages 603-621, december.
    • Handle: RePEc:avo:emipdu:v:31:y:2022:i:2:p:603-621
    DOI: 10.17818/EMIP/2022/2.12
    as

    Download full text from publisher

    File URL: https://hrcak.srce.hr/index.php/clanak/416005
    Download Restriction: no
    File URL: https://libkey.io/10.17818/EMIP/2022/2.12?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Sheila C. Dow & Victoria Chick, 2012. "The Meaning of Open Systems," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 11, pages 178-196, Palgrave Macmillan.
    2. Victoria Chick, 2004. "On open systems," Brazilian Journal of Political Economy, Center of Political Economy, vol. 24(1), pages 3-17.
    3. Veblen, Thorstein, 1898. "Why Economics is not an Evolutionary Science," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 12.
    4. Geoffrey M. Hodgson, 2000. "What Is the Essence of Institutional Economics?," Journal of Economic Issues, Taylor & Francis Journals, vol. 34(2), pages 317-329, June.
    5. Thorstein Veblen, 1898. "Why is Economics Not an Evolutionary Science?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 12(4), pages 373-397.
    6. Tony Lawson, 2004. "Reorienting Economics: On heterodox economics, themata and the use of mathematics in economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 11(3), pages 329-340.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eduardo Fernández-Huerga & Ana Pardo & Ana Salvador, 2023. "Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 413-443, July.
    2. Tony Aspromourgos & Kenji Mori & Masashi Morioka & Arrigo Opocher & J. Barkley Rosser & Yoshinori Shiozawa & Kazuhisa Taniguchi & Heinz D. Kurz & Neri Salvadori, 2022. "Symposium on Yoshinori Shiozawa, Masashi Morioka and Kazuhisa Taniguchi (2019), Microfoundations of evolutionary economics, Tokyo: Springer Japan," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 2-48, February.
    3. Pasinetti, Luigi L., 2021. "Economic theory and institutions," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 438-442.
    4. Spagano, Salvatore, 2021. "Generalized Darwinism: An Auxiliary Hypothesis," MPRA Paper 108829, University Library of Munich, Germany.
    5. Victor Boussange & Didier Sornette & Heike Lischke & Loic Pellissier, 2023. "Processes analogous to ecological interactions and dispersal shape the dynamics of economic activities," Papers 2301.09486, arXiv.org.
    6. Alvina Sabah Idrees & Saima Sarwar, 2021. "State effectiveness, property rights and entrepreneurial behaviour as determinants of National Innovation," Australian Economic Papers, Wiley Blackwell, vol. 60(3), pages 392-423, September.
    7. Tii N. Nchofoung & Simplice A. Asongu & Arsène A. Njamen Kengdo & Elvis D. Achuo, 2022. "Linear and non‐linear effects of infrastructures on inclusive human development in Africa," African Development Review, African Development Bank, vol. 34(1), pages 81-96, March.
    8. Thomas Grebel, 2011. "Innovation and Health," Books, Edward Elgar Publishing, number 14375.
    9. Akimowicz, Mikaël & Del Corso, Jean-Pierre & Gallai, Nicola & Képhaliacos, Charilaos, 2022. "The leader, the keeper, and the follower? A legitimacy perspective on the governance of varietal innovation systems for climate changes adaptation. The case of sunflower hybrids in France," Agricultural Systems, Elsevier, vol. 203(C).
    10. Sheila C. Dow & Victoria Chick, 2012. "The Meaning of Open Systems," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 11, pages 178-196, Palgrave Macmillan.
    11. Roberto Cazzolla Gatti & Roger Koppl & Brian D. Fath & Stuart Kauffman & Wim Hordijk & Robert E. Ulanowicz, 2020. "On the emergence of ecological and economic niches," Journal of Bioeconomics, Springer, vol. 22(2), pages 99-127, July.
    12. Lynne Chester, 2019. "Judging Heterodox Economics: A Response to Hodgson's Criticisms," Economic Thought, World Economics Association, vol. 8(1), pages 1-21, June.
    13. Ramesh Chandra, 2022. "Was Allyn Young a Marshallian?," Australian Economic Papers, Wiley Blackwell, vol. 61(2), pages 258-279, June.
    14. Terenzio Maccabelli, 2008. "Social Anthropology in Economic Literature at the End of the 19th Century: Eugenic and Racial Explanations of Inequality," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(3), pages 481-527, July.
    15. Polowczyk Jan, 2021. "A synthesis of evolutionary and behavioural economics," Economics and Business Review, Sciendo, vol. 7(3), pages 16-34, September.
    16. Selma Sevinç ORHAN, 2016. "The Visible Hand of Economics: Institutional Chance Performance and Sustainable Institutional Development," Sosyoekonomi Journal, Sosyoekonomi Society, issue 24(29).
    17. Anne Mayhew, 2018. "An Introduction to Institutional Economics: Tools for Understanding Evolving Economies," The American Economist, Sage Publications, vol. 63(1), pages 3-17, March.
    18. Bjelle, Eivind Lekve & Wiebe, Kirsten S. & Többen, Johannes & Tisserant, Alexandre & Ivanova, Diana & Vita, Gibran & Wood, Richard, 2021. "Future changes in consumption: The income effect on greenhouse gas emissions," Energy Economics, Elsevier, vol. 95(C).
    19. Christian Cordes, 2019. "The promises of a naturalistic approach: how cultural evolution theory can inform (evolutionary) economics," Journal of Evolutionary Economics, Springer, vol. 29(4), pages 1241-1262, September.
    20. Luciano Ferreira Silva & Arnoldo José Hoyos Guevara & Ernesto D. R. Santibanez Gonzalez & Paulo Sergio Gonçalves Oliveira, 2019. "Evolution toward environment sustainable behavior: search for survival in the plastic industry in Brazil," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 21(3), pages 1291-1320, June.

    More about this item

    Keywords

    Thorstein Veblen; Open system; Institutional Economics; Ontology; Methodology;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:avo:emipdu:v:31:y:2022:i:2:p:603-621. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Nebojsa Stojcic (email available below). General contact details of provider: https://edirc.repec.org/data/oedubhr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.