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Charles Camic - Essential Writings of Thorstein Veblen

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Charles Camic Essential Writings of Thorstein Veblen

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The 38 selections in the volume include complete texts of all of Veblens major articles and book reviews from 1882 to 1914, plus key chapters from his books The Theory of the Leisure Class (1899), The Theory of Business Enterprise (1904) and The Instinct of Workmanship (1914). These writings present a wide range of Veblens most significant contributions, especially with respect to the philosophical and psychological foundations of economics, sociology, and other social sciences.

A thorougly comprehensive volume, this is the only collection to present Veblens writings in chronological order, so that their development can be correctly understood. The volume is edited by a leading sociologist and a prominent economist, who provide extensive introductory essays which include item-by-item commentaries that place each selection in its intellectual-historical context and in relation to subsequent developments in economics. It makes for a valuable source of reference both for students and researchers alike.

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Essential Writings of Thorstein Veblen

This volume is the definitive collection of the writings of Thorstein Veblen (18571929). Among the most influential economists and social theorists of the twentieth century, Veblen pioneered the development of evolutionary and institutional economics. As acknowledged by several recent Nobel awards, these subfields are of immense contemporary importance, and Veblens enduring contribution to their development gives his writings enhanced interest today.

The 38 selections in the volume include complete texts of all of Veblens major articles and book reviews from 1882 to 1914, plus key chapters from his books The Theory of the Leisure Class (1899), The Theory of Business Enterprise (1904), and The Instinct of Workmanship (1914). These writings present a wide range of Veblens most significant contributions, especially with respect to the philosophical and psychological foundations of economics, sociology, and other social sciences. The volume showcases Veblens use of evolutionary ideas, particularly from Darwinism, an aspect of his work that retains a high degree of relevance and importance for researchers today, making a major contribution to our understanding of the role and importance of institutions and of technological change.

A thoroughly comprehensive volume, this is the only collection to present Veblens writings in chronological order, so that their development can be correctly understood. The volume is edited by a leading sociologist and a prominent economist, who provide extensive introductory essays that include item-by-item commentaries that place each selection in its intellectual-historical context and in relation to subsequent developments in economics. It makes for a valuable source of reference both for students and researchers alike.

Charles Camic is John Evans Professor of Sociology at Northwestern University. Previously, he was Martindale-Bascom Professor of Sociology at the University of Wisconsin-Madison.

Geoffrey M. Hodgson is a Research Professor in Business Studies at the University of Hertfordshire. He is an academician of the Academy of Social Sciences and the author of over 120 academic journal articles and numerous books and is also Editor-in-Chief of the Journal of Institutional Economics.

Essential Writings of Thorstein Veblen

Edited by

Charles Camic and Geoffrey M. Hodgson

Essential Writings of Thorstein Veblen - image 1

LONDON AND NEW YORK

First published 2011
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN

Simultaneously published in the USA and Canada
by Routledge
270 Madison Avenue, New York, NY 10016

Routledge is an imprint of the Taylor & Francis Group, an informa business

This edition published in the Taylor & Francis e-Library, 2011.


To purchase your own copy of this or any of Taylor & Francis or Routledges collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.

2011 selection and editorial matter: Charles Camic and Geoffrey M. Hodgson.

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library

Library of Congress Cataloging in Publication Data
A catalog record for this book has been requested

ISBN 0-203-84757-1 Master e-book ISBN

ISBN 978-0-415-77790-2 (hbk)

ISBN 978-0-203-84757-2 (ebk)

Contents
General Introduction

In the canon of American economists and social thinkers, Thorstein Veblen has long occupied a position that is both commanding and controversial as a result of a series of writings that he authored in the closing years of the nineteenth century and the opening years of the twentieth century.

This volume contains the principal items from this oeuvre and presents them chronologically in four parts, with accompanying editorial essays that introduce each of the 38 selections. The following two-part essay offers a short introduction to Veblens biography and to the general theoretical premises of his work as a whole.

Veblens life and times

Thorstein Veblen was born in Manitowoc County, Wisconsin, on July 30, 1857 and died in Palo Alto, California, on August 3, 1929. The years of his life coincided with momentous events and changes in American society. Veblens seven decades spanned seventeen US presidencies (from James Buchanan to Herbert Hoover), and witnessed three presidential assassinations (Abraham Lincoln, James Garfield, William McKinley), three wars in which Americans fought (the Civil War, the SpanishAmerican War, and the First World War), and three major waves of European immigration (before the imposition of strict immigration quotas in the 1920s). The same period saw the abolition of slavery, the extension of voting rights to African American men and eventually to women, and the enactment of federal civil service reform.

No less significant for the astute analyst of modern economic life that Veblen was, his era also marked Americas dramatic transformation from a rural, agricultural economy to an urban, industrial economy. Economic historians Jeremy Atack and Peter Passell (1994, pp. 45758) describe this change as follows:

Until the 1880s agriculture was the chief source of wealth in America. By 1890 the value of manufactures was three times that of agricultural products. Industrial concerns labor unrest, monopoly power, pollution, and occupational hazards increasingly occupied the public attention and dominated public policy. In 1860, American industrial output had lagged behind that of Britain and France and possibly Germany as well. By 1894, however, the United States produced more manufactures than any other country in the world, and on the eve of World War I America produced as much as its three nearest competitors Britain, France, and Germany combined. Within the course of a century America [jumped] from industrial outpost to industrial leader.

Thorstein Veblens family of origin formed part of the American agricultural economy during the years when it was still a dominant force and part of the storied American immigrant experience as well. In 1847, his father Thomas and his mother Kari emigrated from the mountainous Valdres region of south-central Norway to east-central Wisconsin, as early participants in the vigorous stream of mid-nineteenth-century Norwegian migration to Americas upper Midwest. A carpenter by trade in his homeland, Thomas sought the greater opportunities for land ownership that the United States offered during this period, and he proved himself a great success in this regard. By the time of the birth of Thorstein his fourth surviving child in 1857, Thomas had already bought and sold (for a handsome profit) one 160-acre tract, and he and his growing family had moved to another Wisconsin farm property that they would soon expand to 200 acres.

In 1865, the family relocated again, moving to an area of Norwegian settlement in southeastern Minnesota, where Thomas acquired a 290-acre farm that became the Veblens permanent homestead. Here, in the years that followed, Thomas Veblen built a large farmhouse, cultivated the soil using the latest improvements in farm machinery, and by dint of hard work and thrift made the Veblens one of the wealthiest and most prominent families in their county. At the same time, he and his wife took a particular interest in the education of their children, another eight of whom arrived following the birth of Thorstein.

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