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Thorstein Veblen on value, market and socioeconomic progress

Author

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  • Brette, Olivier

    (IAE Lyon - Ecole universitaire de management)

Abstract

The article aims at identifying and linking together the main insights of Thorstein Veblen regarding the theory of economic value. First of all, Veblen develops powerful arguments against the two main traditions of thought, which have attempted to justify the ability of the market to provide an objective measure of economic value, since the midnineteenth century, namely the marginalist or « neoclassical » paradigm and the liberal evolutionary thinking inspired by Herbert Spencer. Having put forward the autonomous and irreducible nature of the market values, Veblen lays the foundations of a theory of social value and socioeconomic progress, which is mainly focused on institutional issues. In this regard, Veblen’s approach prefigures some theses of another major institutionalist economist, Karl Polanyi. Taken together, both critical and positive Veblen’s insights remain thoughtprovoking, in order to readdress the issues of socioeconomic value and progress.

Suggested Citation

  • Brette, Olivier, 2014. "Thorstein Veblen on value, market and socioeconomic progress," European Journal of Economic and Social Systems, Lavoisier, vol. 26(1-2), pages 55-72.
    • Handle: RePEc:ris:ejessy:0010
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    More about this item

    Keywords

    Veblen; value; market; socioeconomic progress; Polanyi;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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