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Towards a Contemporary Philosophical Re-interpretation of Thorstein Veblenʼs Theory of Instincts and Institutions: An Axiomatic Approach

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  • Uroš Kranjc

    (Institute of Philosophy, Research Centre of the Slovenian Academy of Sciences and Arts, Slovenia)

Abstract

The break of the twentieth century has seen two fundamental theories challenging the fields of mathematics and (heterodox) economics-(ZFC) Set theory and Veblenʼs Institutionalist economics. Although no direct relationship between these diverse projects has ever been documented, this paper argues that Veblenʼs appropriation of psychological traits and instincts, resulting in a comprehensive social theory of institutional frameworks, utilizes a mode of axiomatic thinking analogous to constructing sets in mathematics. Contemporary philosophy and psychology have only recently shown how their theoretical cores can relate to set theory, potentially retroactively uncovering how Veblenʼs mode of thinking the relation instincts-habits of thought-institutions could be philosophically interpreted anew. This mode of inquiry thus also exposes the overarching, albeit implicit, aim of this paperto outline the preliminary steps towards a (continental) philosophically inspired critical theory of institutions relating to the critique of political economy.

Suggested Citation

  • Uroš Kranjc, 2024. "Towards a Contemporary Philosophical Re-interpretation of Thorstein Veblenʼs Theory of Instincts and Institutions: An Axiomatic Approach," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 17(1), pages 244-280, Annual.
    • Handle: RePEc:bus:jphile:v:17:y:2024:i:1:n:9
    DOI: 10.46298/jpe.13067
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    References listed on IDEAS

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    1. Geoffrey M. Hodgson, 2006. "Instinct and Habit Before Reason: Comparing the Views of John Dewey, Friedrich Hayek and Thorstein Veblen," Advances in Austrian Economics, in: Cognition and Economics, pages 109-143, Emerald Group Publishing Limited.
    2. Geoffrey M. Hodgson & Elisabeth Krecké & Carine Krecké & Roger G. Koppl, 2006. "Instinct and Habit Before Reason: Comparing the Views of John Dewey, Friedrich Hayek and Thorstein Veblen," Advances in Austrian Economics, in: Cognition and Economics, pages 109-143, Emerald Group Publishing Limited.
    3. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    4. 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.
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    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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