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On the Evolution of Thorstein Veblen's Evolutionary Economics

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  • Hodgson, Geoffrey M

Abstract

This article addresses the origins of Thorstein Veblen's evolutionary economics, as announced in his 1898 essay 'Why is economics not an evolutionary science?.' Before 1897, and partly under the influence of C. Lloyd Morgan, Veblen rejected biological reductionism. Veblen's 1897 endorsement of a critique of Marxism by Max Lorenz shows that he found Karl Marx's account of human action too limiting. By this time, Veblen had also rejected the idea of either the individual or society as exclusive foundations for social science. Instead, he embraced an evolutionary framework of explanation along Darwinian lines, involving multiple levels of explanation and emergent properties. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Hodgson, Geoffrey M, 1998. "On the Evolution of Thorstein Veblen's Evolutionary Economics," Cambridge Journal of Economics, Oxford University Press, vol. 22(4), pages 415-431, July.
  • Handle: RePEc:oup:cambje:v:22:y:1998:i:4:p:415-31
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    Cited by:

    1. Olivier Brette & Nathalie Lazaric & Victor Vieira da Silva, 2017. "Habit, decision making, and rationality : comparing Veblen and early Herbert Simon," Post-Print halshs-01310305, HAL.
    2. Damien Talbot, 2001. "Proximites Et Dynamiques Des Relations De Soustraitance : Le Cas D'Eads Airbus A Toulouse," Post-Print halshs-00584656, HAL.
    3. Abdallah Zouache, 2014. "De la question coloniale chez les anciens et néo-institutionnalistes," Revue d'économie politique, Dalloz, vol. 124(1), pages 129-149.
    4. Guido Buenstorf, 2012. "Introduction," Chapters,in: Evolution, Organization and Economic Behavior, chapter 1 Edward Elgar Publishing.
    5. Tamila Arnania-Kepuladze, 2014. "Institutions: Uncertainty In Definition Of The Term. A Brief Look At The History: 1890-1930," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 9(4), pages 79-102, December.
    6. Olivier Brette, 2003. "Thorstein Veblen's theory of institutional change: beyond technological determinism," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(3), pages 455-477.
    7. John Finch, 2000. "Is post-Marshallian economics an evolutionary research tradition?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(3), pages 377-406.
    8. Senderski, Marcin, 2014. "Ecumenical foundations? On the coexistence of Austrian and neoclassical views on utility," MPRA Paper 67024, University Library of Munich, Germany.
    9. Luis Ricardo Navarro Díaz, 2012. "Una mirada a las instituciones de San Basilio de Palenque (Colombia) a través de los postulados de Douglass C. North y Thorstein Veblen," REVISTA DE ECONOMÍA DEL CARIBE 010285, UNIVERSIDAD DEL NORTE.
    10. Damien TALBOT (GREThA, CNRS, UMR 5113), 2011. "Institutions, organizations and space: forms of proximity (In French)," Cahiers du GREThA 2011-06, Groupe de Recherche en Economie Théorique et Appliquée.

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