Some contributions of Thorstein B. Veblen to sociology

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SOME CONTRIBUTIONS OP THORSTEIN B* VEBLEN TO SOCIOLOGY

A T h esis P resented

to the

F a c u l t y of th e D epartm ent o f S o c io lo g y U n iv e rs ity o f S outhern C a lifo rn ia

In P a r tia l F u lfillm en t of th e R e q u ire m e n ts f o r t h e D egree M aster of A rts

by N ick M assaro A ugust 1950

UMI Number: EP65695

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5 o

' sri

/ ' /' V / v '

Th is thesis, w rit te n by

NICK MASSARO under the gui dance of h..% 3.. F ac u lt y C o m m i t t e e , an d a p p r o v e d by all its m e m b e r s , has been p r es e n te d to and a c c e p t e d by the C ouncil on G ra d u ate S t u d y an d R ese arc h in p a r tia l fu lfill­ me nt o f the requirements f o r the deg ree of

MASTER OP ARTS

Faculty Committee

TABLE OP CONTENTS CHAPTER I.

TAGrE

THE PROBLEM AND DEFINITIONS OP TERMS USED . . .

.

The P r o b l e m ................................... The I m p o r t a n c e o f t h e

1

s t u d y ..........................................

D e f i n i t i o n s o f term s used C lass

. . . . . . .

L eisure

.....................................

. . . . .

4

S ocial sta tu s

5

...............................................

C onspicuous consum ption

. . • • •

. . . . . .

7

..........................

8

• • • • • • • . • • • • • • • •

C onspicuous w a ste

. . . . . .

S o cial in s titu tio n s In stin cts

9

..................................... ..............................

11

S o c ia l change

E conom ics

II.

9 10

.......................................................................

C u ltu ral la g

2 4

.........................................

E m ulation . .

1

12 • • • • • • • •

. . .

....................................

. . . . . . . .

13 14

S o c i o l o g y .........................................................

. . . . . .

14

G estalt

. . . . . .

15

• • . . • • . .

REVIEW OF LITERATURE AND MATERIALS U S E D ..................... P rim ary so u rces

• • • • • « • • • • • • • • • •

S e l e c t e d w o r k s o f T h o r s t e i n V e to le n Secondary so u rces R eferences in p erio d icals

. . . . . . .

so cio lo g ical

tex ts

. • • • • . .

16 16 15 16

and 18

CHAPTER ill.

,

PAGE

BIOGRAPHICAL M O T E S ........................

19

P e r s o n a l H i s t o r y o f T h o r s t e i n V e b l e n ..........................

19

M a j o r i n t e r e s t s ........................................................................

30

P ro fessio n al h is to ry

..............................................................

34

..........................

39

..........................

48

MAJOR CONTRIBUTIONS OF THORSTEIN V E B L E N ....................

56

S o c io lo g ic al in flu en ces

. . . . .

V e b l e n 1s i n f l u e n c e o n S o c i o l o g i s t s IV .

M ethodology:

a s tru c tu ra l, fu n ctio n al

a p p r o a c h ..........................................• • • • .............................. I n s t i t u t i o n a l ap p ro ach to the

s o c ia l scien ces

.

New C o n c e p t s ........................................................

L eisure

69 83

S o c i a l c l a s s ................................... In stin ct

56

83

o f w o r k m a n s h i p .........................

85

c l a s s ..............................

86

Canons o f r e p u t a b i l i t y and e m u l a t i o n

.....................

86

C a n on o f s t a t u s ........................................................................

89

Canon o f c o n s p i c u o u s c o n s u m p ti o n and co n sp icu o u s w aste Canon o f b e l l i c o s i t y T echnology a s a f a c t o r C ritic ism V.

..............................................................

91

.........................................................

92

In s o c i a l change

o f M arxian id e o lo g y

SUMMARY AND CONCLUSION

BIBLIOGRAPHY.........................

. . . .

94

. . . . • • • • •

Ill

................................126 132

CHAPTER

I

THE PROBIEM AND DEFINITION OF THE TERMS USED I*

THE PROBLEM

T h o r s t e l n Bundle V e b l e n h a s b e e n m a i n l y c l a s s i f i e d a s a n e c o n o m i s t £ h o w e v e r , i n h i s own o p i n i o n , a b s tr a c t science o f the

there

o f e c o n o m ic s . E conom ics i s

to ta l so cial process.

w ith V eblen a t S ta n d f o rd ,

i s no

o n ly one a s p e c t

As R o b e r t L* B u f f u s , who l i v e d

re la te s:

V e b le n was s c e p t i c a l a b o u t th e s c i e n c e o f econom ics as a t h i n g s ta n d in g by i t s e l f above o r b e l o w human n a t u r e . i T h i s t h e s i s w i l l p r e s e n t some o f t h e s o c i o l o g i c a l t h e o r i e s and p r i n c i p l e s upon w h ic h h i s a n a l y s i s s t r u c t u r e and econom ics r e s t s .

I t has been sa id

s o c i o l o g i s t s c o n s i d e r him a s o c i o l o g i s t .

of so c ia l t h a t many

The c h i e f r e a s o n

f o r t h e n e g l e c t o f V e b l e n among t h e e c o n o m i s t s w a s t h e f a c t t h a t he w as s o much more t h a n a n e co n o m ic t h e o r i s t .

As

G e o r g e H e r b e r t Mead h a s s o a p t l y s a i d : V e b l e n b r o k e down t h e c o n v e n t i o n a l d i v i s i o n b etw een eco n o m ic s, e th n o lo g y , a n th r o p o lo g y , p sy c h o lo g y and the p h y s i c a l s c i e n c e s : in b o th s u b j e c t m a t t e r an d m e th o d o lo g y , he d i v o r c e d h i m s e l f f r o m h i s c o n t e m p o r a r i e s , f o r he h a d t h e s y n t h e t i c a p p ro a ch of the g en u in e s o c i o l o g i s t . ^ R o b e r t L . B u f f u s , The I n n o c e n t s a t C e d r o , (New Y o r k : The M a c m i l l a n C o m pany , 1 9 4 4 ) , p . 1 4 . ^ G e o r g e H e r b e r t M e a d , R e v i e w o f **The N a t u r e o f P e a c e a n d t h e T e r m s o f i t s P e r p e t u a t i o n , 11 J o u r n a l o f P o l i t i c a l Economy, 3 5 :7 5 5 , J u l y , 1 918.

I n t h e same v e i n ,

C h a rle s Hunt P a g e , i n h i s

tex t,

C la s s and

A m erican S o c i o l o g y * i n t r o d u c e s h i s m ain p ro b le m of c l a s s , i t s a n a l y s i s and f u n c t i o n by r e f e r r i n g p r i m a r i l y T h o r s te in V eblen and h i s r o l e 3 S ociology* II

i n th e d ev elo p m en t o f A m erican

THE UPORTANCE OP THE STUDY

Why i s V e b l e n b e c o m i n g m o r e i m p o r t a n t i n scien ces? co n cep ts

to

the s o c i a l

Why s h o u l d we t a k e c o g n i s a n c e o f h i s i d e a s a n d today?

B ecau se h i s m ethodology and a n a l y t i c a l

s c h e m a t a p o i n t t o w a r d a m o re r e f i n e d c o n c e p t u a l i z a t i o n , w h i c h may b e s e e n i n t h e w o r k s o f s u c h m e n a s D u r k h e i m , S o r o k i n , P a r e t o , W eber, P a r s o n s , M erton and o t h e r s • a l s o b e i n g done i n f i e l d s r e l a t e d field s,

P ro m isin g w ork i s

to s o c io lo g y , and i n o th e r

ex am p les o f w hich a r e a f f o r d e d b y W einer i n b i o ­

p h y s i c s , A l e x a n d e r a n d Proram i n a n a l y t i c a l p s y c h o l o g y . C a rp e n te r i n p o e t r y , and R e i s e r i n p h ilo s o p h y *

As L e w i s Mum-

f o r d h a s s u c c i n c t l y summed i t u p : V e b l e n rs t h o u g h t s h o u ld n o t b e c o n f i n e d to econom ic c i r c l e s ; i t s h o u l d be f i l t e r i n g th ro u g h and p e n e t r a t i n g e v e r y p o r e o f o u r i n t e l l e c t u a l l i f e *4 By r e v i e w i n g some o f h i s to p resent so cial

so cio lo g ical co n trib u tio n s

th o u g h t a s fo u n d i n th e works o f

^ C h a r l e s H u n t P a g e , C l a s s an d A m erican S o c io lo g y (Hew Y o r k : The D i a l P r e s s , 1 9 4 0 ) , p* x i i i * A

L e w i s M u m f o r d , “S t i c k o f D y n a m i t e W r a p p e d L i k e C a n d y 11, S a t u r d a y R e v i e w o f L i t e r a t u r e , 1 1 : 4 1 ? , J a n u a r y , 1 9 3 5 *

3 L ew is Mumford, S t u a r t C h a s e , W e s le y M i t c h e l l , K e n n e t h B u r k e , Max L e r n e r , P a t r i c k G e d d e s , S t e p h e n L e a c o c k , J o h n Dos P a s s e s , E r n e s t S u t h e r l a n d B a t e s , J o h n C h a m b e r l a i n - *

a n d many o t h e r s c a n b e a d d e d t o t h e l i s t tia l

“V e b l e n i t e s w? - t h e e x t e n t o f h i s

and a l a t e r

o f com plete or p a r ­

i n f l u e n c e upon h i s

g e n e r a t i o n c a n b e more p r o p e r l y m e a s u r e d *

J o h n Dewey h a s e x p r e s s e d h i s i n d e b t e d n e s s of h is

id eas, e sp e c ia lly 6 process*

5

own Even

t o V e b l e n f o r m an y

those d e a l in g w ith the

P r o f e s s o r D a n i e l Aaron a s k s t h e q u e s t i o n :

so cial

Why h a s

V e b l e n 1s i n f l u e n c e b e e n s o p e r v a s i v e a n d f a r - r e a c h i n g ?

Many

n o t a b l e c u l t u r a l and econom ic a n a l y s t s h a v e fo u n d f a u l t w i t h b u sin ess e n te r p r is e , w ith i t s

em p h asis upon th e a m assin g o f

money w i t h o u t c o n s i d e r i n g i t s

re s u lta n t c u ltu ra l ram ifica­

tio n s.

The a n n a l s o f h i s t o r y r e v e a l t h a t

w riters,

the

“M u c k ra k e rs" o f th e T heodore R o o s e v e l t e r a , and

m any s o - c a l l e d itie s

so cio -re lig io u s

p r o g r e s s iv e s have exposed th e

gross in e q u a l­

o f o u r s o c i e t y w i t h g r e a t a n d consum m ate s k i l l and

p assio n .

In th is r e s p e c t,

Aaron w r i t e s ?

V e b le n f s c u r r e n t p o p u l a r i t y m ust be a t t r i b u t e d i n p a r t t o t h e r e l e v a n c e o f h i s s o c i a l and econom ic i d e a s , h i s view s on w a r, r e l i g i o n , e d u c a t i o n , b u s i ­ n e s s a n d m a n n e r s a r e a s p e r t i n e n t t o d a y a s w h e n he

5 D a n i e l A a r o n , “T h o r s t e i n V e b len ? M o r a l i s t and R h e t ­ o r i c i a n , ” A n tio c h R eview , 7 ?3 8 1 -9 0 , S e p tem b er, 1947.

V eblen,

6 S t a n l e y Mathew D a u g e r t , The P h i l o s o p h y o f T h o r s t e i n (New Y o r k ? K i n g ' s Crown P r e s s , l 9 5 b } , p . v .

4 f i r s t w r o t e them b e g i n n i n g a r o u n d t h e the c e n tu r y . 7

tu rn of

A r t h u r K. D a v i s sums u p t h e i m p o r t a n c e o f V e b l e n ^ th e o rie s by s ta tin g : Few o t h e r A m e r i c a n s h a v e h a d a s m u c h I n f l u e n c e on t h e s o c i a l t h o u g h t o f t h e i r t i m e s . Y et he l e f t no " s c h o o l ” t o e l a b o r a t e h i s p o i n t o f v iew . Ill C lass.

DEFINITIONS OF TERMS USED

T his i s

a c o n c e p t t h a t h a s grown i n m e a n in g

s i n c e K a r l Marx u s e d i t

t o show t h a t h i s t o r y w a s on iy^ t h e

m a n ife s ta tio n of c la s s e s in

the s t a t e .

/

in c o n s t a n t s t r u g g l e f o r suprem acy

For M arx, h i s t o r y u n fo ld e d

o rd ain ed goal through c la s s

stru g g le

tow ard a f o r e ­

tow ard a c l a s s l e s s

so ciety . In th e m iddle o f th e th is

u to p ia n id eo lo g y i s

tw e n tie th c e n tu ry , the r e s u l t of

seen in the d r i v e

d o m in a tio n by S o v i e t R u s s i a , theory.

tow ard w o rld

p r e d i c a t e d upon t h i s I n s i d i o u s

For V eblen t h e r e w ere no f o r e o r d a i n e d g o a l s :

c e a s e l e s s D arw in ian p ro c e ss

of continuous cu m u lativ e change.

V eblen u sed th e term C l a s s , w ith o u t of c o n flic t.

only a

the im p lic a tio n

He u s e d i t w i t h a d u a l m e a n i n g , o n e o f w h i c h

was a s o c io - e c o n o m ic a g g r e g a t e w here g ro u p s a r e d i s t i n c t fro m 7 D a n ie l A aron,

0£ .

c it.,

p. 383.

Q

A r t h u r K. D a v i s , " S o c i o l o g i c a l E l e m e n t s i n V e b l e n ' s Econom ic T h e o r y ” , P o l i t i c a l E c o n o m ic s , 5 3 : 1 4 0 , J u n e , 1 9 4 5 .

5 each other

on a n e c o n o m ic b a s i s .

so cial-p sy ch o lo g ic al an aly sis v alu es and,

The o t h e r was b a s e d on a

o f t h o s e who s h a r e d i n common

t o some d e g r e e , common a s p i r a t i o n s .

For V eblen, i n c o n tr a s t s o c ie ty of c lo s e d s ta tu s

t o Marx, A m erica i s

not a

or of s h a r p l y draw n c l a s s e s .

The

d i s t i n c t i o n b e tw ee n p e c u n ia r y and i n d u s t r i a l o c c u p a tio n s a m o re a c c u r a t e

an aly sis

o f th e A m erican s i t u a t i o n Q p r e d i c a t e d upon c l a s s c o n f l i c t s , C ooley’ s d e f i n i t i o n

of the

term c la s s

is

t h a n o n ec

com bined

e l e m e n t s f o u n d i n M arx a n d V e b l e n : A group s e p a r a te d and s e g r e g a te d in term s of s p e c i a l i z a t i o n o f f u n c t i o n and h a v in g a m easu re o f i n t e r n a l u n i t y and c o h e s io n , su ch as a r u l i n g c l a s s , a p r i e s t l y c l a s s , o r a s o c i a l c l a s s . More l o o s e l y u s e d , i t r e f e r s to any p a r t o f a p o p u la tio n h a v i n g common c h a r a c t e r i s t i c s o r s i m i l a r s o c i a l s t a t u s , as f o r exam ple, an e d u c a te d c l a s s , th e m iddle c l a s s , th e w a g e -e a rn in g c l a s s , e t c . A S o c i a l c l a s s may b e d e f i n e d a s a m a j o r g r o u p w i t h i n a n e c o n o m i c s u s t e m w h o s e m em b er s a r e r e c o g ­ n i z a b l y and s i g n i f i c a n t l y a l i k e i n t h e i r r e l a t i o n s t o a b a s i c d i v i s i o n o f eco n o m ic power o r f u n c t i o n . I n o t h e r w o r d s , a s o c i a l c l a s s i s a n econom ic g r o u p w h o s e m em bers a r e a l i k e i n t h e i r r e l a t i o n s t o t h e p r o c e s s o f g e t t i n g a l i v i n g . 10 L e i s u r e . The c e s s a t i o n o f w o r k w a s t h e g r e a t e n d o f t h e a c q u i s i t i o n o f w e a l t h , b u t V e b l e n 1s u s e 9

Max L e r n e r , The P o r t a b l e V e b l e n V iking P r e s s , 1948), pp. 30-36.

of the term has

/ (New Y o r k : The

E d w a r d B. R e u t e r , H a n d b o o k o f S o c i o l o g y The D r y d e n P r e s s , 1 9 4 1 ) , p . 9 1 1 .

(New Y o r k :

th e ad d ed m eaning t h a t l e i s u r e a c tiv itie s

are

and th e n o rm al n o n p r o d u c tiv e

th e c o n v e n t io n a l e v id e n c e s o f w e a l t h and th e

c o n v e n t i o n a l m arks o f s o c i a l s t a n d i n g . process of le is u r e

As V e b l e n v i e w s t h e

in h i s Theory of th e L e is u r e

s t e n t i o n from l a b o r i s n o t o n ly an h o n o r i f i c act,

but i t

d e c e n c y ,^

is

p a ra d o x ica lly , lead s a m ore s t r e n u o u s

of w e a lth f o r

the

on l e i s u r e

o b v io u s i n c o n g r u i t y b etw een th e

the husband in th e l e i s u r e

of le is u r e . o f the

problem o f th e

a c tiv itie s

class fam ilie s

en co u rag e s h i s w ife and d a u g h te rs to d r e s s m ere d i s p l a y p u r p o s e s .

p u rsu it of is

the f a c t

som etim es

lu x u rio u sly for

By s u c h c o n s p i c u o u s a n d w a s t e f u l c o n

s u m p tio n o f econom ic g o o d s , th e h u sb a n d and h i s

fam ily are

t h e i r w e a lth and to m a in ta in s t a t u s .

The t e r m l e i s u r e life

12

tim e s p e n t i n t h e

tim e s p e n t f o r l e i s u r e

to a d v e r t i s e

and t o

p u r s u i t of w e a lth as an e x p r e s s io n of the '

One o f t h e common i l l u s t r a t i o n s

ab le

of

purposes o f l e i s u r e ,

to g re a te r in s is te n c e

c a n o n s w h i c h go i n t o m a k i n g u p a l i f e

th at

or m erito rio u s

p r e s e n t l y com ing t o be a r e q u i s i t e

The v a l u e

w e a l t h and th e

C lass, ab­

of in a c tiv ity , but

does n o t connote in d o le n c e

or a

tim e consumed u n p r o d u c t i v e l y , and

i

T h o r s te in V e b len , Theory of th e L e is u re C la s s (New Y o r k ? The M a c m i l l a n C o m p an y , 1 § T 2 ) , p . 47* ^

k°°* c it.

Emory S . B o g a r d u s , F u n d a m e n t a l s o f S o c i a l P s y c h o l ­ o g y (New Y o r k : D. A p p l e t o n C o m p a n y , 1 9 4 2 ) , p . 3 1 b .

^7

as e v id e n c e o f the n e c e s s a r y w e a lth to a f f o r d a l i f e

of

id len ess The c o n c e p t o f c l a s s w i t h t h e a d j e c t i v e is

a phenomena p r e v a l e n t i n m o st c u l t u r e s

w o rld ,

l e i s u r e added

th ro u g h o u t the

V e b len g iv e s an h i s t o r i c a l a n a l y s i s o f th e g e n e s i s

of the l e i s u r e

c l a s s w hich a r i s e s

out of a d isc rim in a tio n

be tw ee n w o rk w h ic h i s w o r th y and w ork w h ic h becom es u n w o rth y . To c a r r y t h e d i c h o t o m y down t o a c c o rd in g to V ehlen,

o u r p r e s e n t d a y , we f i n d ,

t h a t w o r t h y e n d e a v o r h a s come t o b e t h a t

a s s o c i a t e d w i t h t h e e x p l o i t i v e way o f l i f e ; endeavor is

and th e unw orthy

t h e e v e r y - d a y em ploym ent o r t h e n o n - e x p l o i t i v e

endeavor• ° E m ulation,

As u s e d b y V e b l e n t h r o u g h o u t h i s m a j o r

so c io lo g ica l tr e a tis e s ,

e m u l a t i o n was a m o t i v a t i n g f o r c e

w o r k i n g u p o n t h e i n d i v i d u a l w h i c h made h i m s t r i v e

t o be

t h o u g h t a s e q u a l or* s u p e r i o r t o h i s n e i g h b o r s i n i n d u s t r i a l and econom ic a b i l i t y ,

V e b le n g o e s on to a s s e r t

a ttitu d e s

serve very l i t t l e

a b ility '*

It

is d iffic u lt

purpose as a s ig n of r e s p e c t ­

to judge o n e fs a b i l i t i e s

t h r o u g h o n e 1s p o s s e s s i o n o f m o n e y . appearance o f success p ossession of d o lla r s . stru g g le

i s m o re d e s i r a b l e

th a n the a c t u a l

E m u la tio n c a n a l s o be d e f i n e d a s t h e

T h o r s t e i n V e b l e n , 0£ ,

15 I b i d . ,

p. 9 .

o th e r th an

I t m ay b e t h a t t h e

f o r decency in the t o t a l c o n fig u ra tio n

---------------- 1 3 --------------

th a t v irtu o u s

c l t , , p. 43,

of th e

stan d ard

of liv in g *

1 fi

C onspicuous C onsum ption*

As u s e d a n d d e f i n e d b y

V e b le n , c o n sp ic u o u s consum ption d e s c r i b e s m ade, not f o r com fort or u s e , b u t sta te s

t h a t m ost p e o p le do n o t u se

e t y h a s g i v e n them f o r

those e x p e n d itu re s

purely fo r th eir

u sefu l purposes.

p restig e .

He

s u r p l u s w hich s o c i ­ They do n o t

t r y to

l i v e m o re w i s e l y , b r o a d e n t h e i r u n d e r s t a n d i n g o f s o c i a l

phen­

omena, b u t r a t h e r

th at

to im p re ss o t h e r peo p le w i t h the f a c t

t h e y h a v e a s u r p l u s .-*-7 The s o c i o l o g i c a l f u n c t i o n s sy m b o lizes th e

so cial sta tu s

of c o n sp ic u o u s consum ption

in our c o m p e titiv e

so ciety .

R o b e r t K. M e r t o n r e v i e w s c o n s p i c u o u s c o n s u m p t i o n a s d e s c r i b e d by V eblen in as he u se d th e

its

l a t e n t and m a n i f e s t f u n c t i o n s and

term to r e v e a l th e f u n c t i o n s

m ent, of s t a t u s ,

or v a lid a tio n

of s ta tu s ,

of d is p la y o f pecuniary s tre n g th . con tin u an ce tatio n

o f go o d r e p u t e

to

p articip a te

In th e f i n a l a n a l y s i s , V eblen im p u tes lo g ical fac to r

of th is

consum ption i s n o t t h a t g

" " 1 ■

and

These h e l p to e x p l a i n th e

o f t h e p a t t e r n and t h e r e a s o n s f o r i t s

even by th o se l e a s t a b le

V

of ag g ran d ize­

m anifes­

in i t . ^

th at

the

so cio ­

s o c i a l phenomenon o f c o n s p i c u o u s p eople buy goods b e c a u se th e y t h i n k

■

J o s e p h D orfm an, T h o r s t e i n V e b le n and H is A m erica (Hew Y o r k * The V i k i n g P r e s s , 1 9 3 4 ) , p p . 8 0 - 8 3 . 17 T h o r s t e i n V e b l e n , o £ . c l t . , p . x i l i . 18 R o b e r t K. M e r t o n , S o c i a l T h e o r y a n d S o c i a l S t r u c t u r e , (Hew Y o r k : The F r e e P r e s s , 1 9 4 9 / , p . 5 8 .

9 th ey are

su p erio r,

but because c o s tlin e s s

s e r v e s a s a m ark o f h i g h e r s o c i a l s t a t u s . S o cial S ta tu s .

T his

r a t i n g , ra n k , or p r e s t ig e , S tatu s

is

tra its.

one h a n d , i t is

r e s t s in

19

term s i g n i f i e s

the p o s i t i o n ,

g iv en to an in d iv i d u a l by o th e r s .

b a s e d on c a s t e , c l a s s , A person’s sta tu s

of an a r t i c l e

age,

se x , and in d iv id u a l

in a group has a double a s p e c t .

th e m inds o f h i s a s s o c i a t e s ,

t h e way t h e y t r e a t h im and c o n s i d e r h im .

hand,

sta tu s

since

On

it

On t h e o t h e r

i s r e g i s t e r e d i n t h e m ind o f t h e

s e l f a s a s o r t o f r e f l e c t i o n o f how h e s t a n d s

i n d i v i d u a l him ­ in the eyes of

o th e rs.^ C onspicuous W a ste .

T his c o n c e p t i s

u se d by V eblen t h r o u g h o u t h i s canon e s p e c i a l l y in th e f i e l d s h ig h er le a rn in g ,

s t u d i e s . He r e f e r s of c o m p etitio n ,

in any p red a to ry c u ltu r e ,

a f f a i r s , and con su m p tion in p a r t i c u l a r . concept w ith re s p e c t

to the le is u r e

to th is

governm ent,

in te rn atio n al

co n sp icu o u s w aste

an d one o f t h e

o f good b r e e d i n g He r e g a r d s

the

t e r m w a s t e a n u n f o r t u n a t e one b e c a u s e

as used in everyday sp eech , m ent.

g en erally

As V e b l e n u s e d t h e

c la ss,

o f t i m e was a n d i s a p e r v a d i n g p r i n c i p l e te sts

q u ite

He d e f i n e d t h e

it

in d icates

a no rm ativ e

term as e x p e n d itu re w hich does n o t

. . . --------------

T h o rste in V eblen, 20 I b i d . , p . pi

Ib id .,

judg­

74.

pp. 97-98.

op, c i t . , p.

99#

10 s e r v e human l i f e th at

the

or w e ll-b e in g , a lth o u g h i t

i n d i v i d u a l who d o e s p a r t i c i p a t e

w a s t e , w h eth er i n the n a t u r e not n e c e ssa rily fe e l e tf a l n a tu re .

sh o u ld be added

i n conspicuous

of t i m e , goods o r money, d o es

th at h is

a c tio n s are of such a s o c i-

22

S o cial I n s t i t u t i o n s . his d e fin itio n

V eblen c l a r i f i e d

of in s titu tio n s

Theory of the L e is u re C la ss

from the

in 1899,

tim e he w ro te

to the

A b s e n te e O w nership and B u s in e s s E n t e r p r i s e was p u b l i s h e d i n 1 9 2 4 .

In the

in su b stan ce,

and r e f i n e d

tim e h i s boo k , In R ecen t T im es,

fo rm e r, he s t a t e s ?

in stitu tio n s

are,

w ith re s p e c t

to p a r t i c u l a r r e l a t i o n s

the

p rev alen t h a b its

"The of thou gh t

and p a r t i c u l a r f u n c t i o n s

o f t h e i n d i v i d u a l and o f th e com m unity; and th e scheme o f l i f e w h i c h i s m ade u p o f t h e a g g r e g a t e

of i n s t i t u t i o n s

in force

a t a g iv e n tim e or a t a g iv e n p o i n t i n th e dev elo p m en t o f any s o c ie ty ."

Q%

The s o c i o l o g i s t , T a l c o t t P a r s o n s , e v a l u a t e s T h o r s t e i n V eblen as a s o c i o l o g i s t tio n s

in the f i e l d

reasons tio n s

th at

is

the

reason fo r

of so c ia l i n s titu tio n s .

He f u r t h e r

th e t h e o r e t i c a l t r e a t m e n t o f econom ic I n s t i t u ­ ta s k of s o c io lo g y , n o t of econom ics.

th is

22 I b i d . , 2^

because of h is c o n tr ib u ­

is

p.

The

t h a t V e b l e n h a d some i m p o r t a n t a n d c l e a r

190.

H a r r y Elm er B a r n e s , C o n te m p o ra ry S o c i a l T h e o r y (Hew Y o r k : D . A p p l e t o n - C e n t u r y C o m pany , 1 9 4 5 ) , p p . 6 4 3 - 6 4 5 .

11 in sig h ts

in to

so cial

ra n k to em phasize

phenomena *

He w a s t h e f i r s t

the h i s t o r i c a l r e l a t i v i t y

m ores and custom s and g e n e r a l a c t i v i t i e s . t h e y were r e l a t e d

sch o lar of

of in s titu tio n a l He a l s o

saw t h a t

t o a f r a m e w o r k o f f a c t o r s , a ’’s o c i a l s t r u c -

t u r e ,!, t h e m a i n o u t l i n e

o f w h i c h was i n d e p e n d e n t

i n d i v i d u a l c h a r a c t e r i s t i c human a c t i o n s .

of the

I t was i n h i s

o r e tic a l th in k in g about s o c ia l in s t it u t io n s

th at

th e­

the c u l t u r a l

l a g c o n c e p t was f i r s t u s e d . I n s t i t u t i o n s may b e a n a l y z e d b y t h e I n d i v i d u a l f r o m th e s t a n d p o i n t o f th e r e l a t i o n s h i p betw een h i m s e l f and th e in stitu tio n ;

th is

co n cep tio n ,- in

t u r n , depends upon h i s

f,t h e o r y o f l i f e ” ( f r a m e o f v a l u e s ) . o f the

In stitu tio n s

p a st p ro c e s s e s , a re adapted to

are

products

p a s t c ir c u m s ta n c e s and

t h e r e f o r e a re n e v e r In f u l l accord w ith the re q u ire m e n ts 24 the p r e s e n t. In stin cts. •

of its but i t s th esis

""

:

m eaning i n d e fin itio n

T his concept i s

of

one w h i c h h a s l o s t m u ch

s o c i o l o g i c a l and p s y c h o l o g i c a l d i s c i p l i n e s ^ a s V eblen u sed I t

is

b e c a u s e h e p r e d i c a t e d many o f h i s

of im portance to

th is

c o n c e p ts upon b i o ­

l o g i c a l and s o c i o lo g ic a l b e h a v io r. I t may b e o b s e r v e d I n L e w i s M u m f o r d * s t e x t , T e c h n i c s and C i v i l i z a t i o n

’’t h a t

th e m achine c r y s t a l i z e d

24 T h o r s t e i n V e b l e n , or

o jd

.

c i t . , p.

I n new

191.

L ew is M umford, T e c h n ic s and C i v i l i z a t i o n H a r e o u r t - B r a c e a n d C o m p a n y , 1 9 3 4 ) , p . S’5 .

(Hew Y o r k :

12 p a ttern s

th e whole s e t o f i n d e p e n d e n t i n t e r e s t s w h ic h V eb len

grouped lo o b e ly u n der th e i n s t i n c t s p resen t-d ay so c io lo g is t uses

the

V e b le n ’s " i n s t i n c t ” i n r e f e r e n c e In V eblen’s a n a ly s is

of science

of w orkm anship” •

T his

term " i n t e r e s t s ” i n s t e a d o f to p a tte r n s in h is

tex t,

of behavior* The P l a c e o f

S c i e n c e i n Modern C i v i l i z a t i o n a n d O t h e r E s s a y s , t h e of in stin c ts th is

becomes a t h e o r y o f i n t e r e s t s

th eo ry

as rev ealed

in

q u o tatio n : The m a t t e r , a n d i n a g r e a t d e g r e e , t h e m e a s u r e , i n w h ic h th e i n s t i n c t i v e e n d s o f l i f e a r e w orked o u t u n d e r a n y g i v e n c u l t u r a l - s i t u a t i o n i s somewhat c l o s e l y c o n d itio n e d by th e s e elem en ts o f h a b i t s , w h ic h so f a l l i n t o sh a p e a s a n a c c e p t e d scheme o f life * The i n s t i n c t i v e p r o c l i v i t i e s a r e e s s e n t i a l l y s i m p l e a n d l o o k t o t h e a t t a i n m e n t o f some c o n c r e t e o b j e c t i v e e n d , b u t In d e t a i l th e ends so so u g h t a re m a n y a n d d i v e r s e , a n d t h e ways a n d m e a n s b y w h i c h t h e y may b e s o u g h t a r e s i m i l a r l y d i v e r s e , i n v o l v i n g e n d le s s r e c o u r s e to e x p e d ite a d a p ta tio n s and c o n c e ssiv e a d ju s tm e n t betw een s e v e r a l p r o c l i v i t i e s t h a t a re a l l s u ffic ie n tly u rg en t. V eblen used th e

term " I n s t i n c t s "

in te rc h a n g e a b ly w ith

f e e l i n g , h a b i t s and i n t e r e s t s S o c i a l C h a n g e * Any a l t e r a t i o n e le m e n t o r com plex I s an a l t e r a t i o n a ltera tio n

c alled

s o c i a l change and r e f e r s

of s o c ia l re la tio n s*

of a c u ltu re

trait

of a p re -e x is tin g

C u l tu r a l change

o r com plex.

is

to any

S o cial change,

^ T h o r s t e i n V e b l e n , The P l a c e o f S c i e n c e i n M o d e r n C i v i l i z a t i o n a n d O t h e r E s s a y F THew Y o r E T F . w . H u e F s c F , Y § ’1 9 ), pp. 313-314. 97

S t a n l e y Mathew D a u g e r t , The P h i l o s o p h y o f T h o r s t e i n V eb len , p. 28. ---------------

13 sp e cifica lly ,

is

a reo rg an izatio n of so c ia l r e la tio n s .

C la r e n c e E. A y e rs, i n h i s Econom ic P r o g r e s s , r e f e r s f o r c e s w h i c h make f o r

s t u d y , The T h e o r y o f

t o V e b le n a s s a y i n g : “ The m ain

change in

i d e a s and p a t t e r n s

of so c ia l

p r o c e s s e s a r e b r o u g h t a b o u t b y m o d e r n s c i e n c e a n d t e c h n o l o g y . 11 He f u r t h e r q u o t e s people a r e

th at:

th em selv es

s o c i a l change is

late r

th is

tran sfo rm ed even w hile

S o c i o lo g i s t s have o n ly r e c e n t l y r e c o g ­

c o n c e p t was f i r s t

featu res

th at

of the c u l t u r e ,

to v ario u s

The c o n c e p t a s u s e d b y

th e m a t e r i a l a s p e c ts and t e c h n o lo g i c a l

in non-m aterial a sp e c ts. rise

propounded by V e b len and

ta k e n up by W illia m P . O gburn.

th e m r e v e a l s

the p a t t e r n of

g o i n g o n . “ 28

C u ltu ral la g . n ized th a t

“S o c i a l c o n f l i c t s w hich s e p a r a t e

r e l a t i v e l y c h a n g e more r a p i d l y t h a n T his r a t e

of s o c i a l change g iv e s

s o c i a l and i n s t i t u t i o n a l m a la d ju s tm e n ts .

A r t h u r K. D a v i s , i n t h e A m e r i c a n S o c i o l o g i c a l R e v i e w , sta te s:

“V e b l e n w a s t h e u n r e c o g n i z e d

p r o g e n ito r of the

c u l t u r a l l a g s c h o o l i n A m e r i c a n S o c i o l o g y . “ 29 V eblen u s e d th e c o n c e p t m a in ly i n r e s p e c t tio n s.

to i n s t i t u ­

He d e s c r i b e d t h e m a s a u t o n o m o u s s u r v i v a l o f a n e a r l i e r

age w h ich n eed ed m o d e rn iz in g to change s o c i a l m a la d ju stm e n t to a d ju stm e n t.

Max L e r n e r s a y s o f V e b l e n : “ . . . h i s

an aly sis

OQ

C l a r e n c e E . A y e r s , The T h e o r y o f E c o n o m i c P r o g r e s s ( C h a p e l H i l l , H. C . : H o r t h C a r o l i n e P r e s s , 1 9 4 4 ) , p . 1 7 4 . 2 9 A r t h u r K. D a v i s , “V e b l e n 1s S t u d y o f M o d e r n G e r m a n y , ” A m erican S o c io lo g y R ev iew , 9 :6 0 3 , 1944.

14 of i n s t i t u t i o n s had d o u b tle s s been the c h i e f in f lu e n c e 30 t h e c u l t u r a l l a g s c h o o l i n A m erican s o c i o l o g y . E conom ics.

V eblen d e f i n e d econom ics a s th e

of concrete

econom ic

m ust be th e

th eo ry of a process

m ined b y t h e

processes.

on

science

ttAn e v o l u t i o n a r y e c o n o m i c s of c u ltu r a l

grow th as d e t e r -

s e q u e n c e o f econom ic i n s t i t u t i o n s

sta te d

in

t e r m s o f t h e p r o c e s s i t s e l f . 11 He r e j e c t e d

t h e o r t h o d o x view o f e c o n o m ic s a s an

a n a l y t i c a l sc ie n c e d e a l i n g w ith an a s p e c t o f c o n c re te actio n s.

To h i m , t h e r e w a s n o n e a t l y i s o l a b l e

range

so cial of

c u l t u r a l phenomena t h a t c o u l d be r i g o r o u s l y s e t a p a r t u n d e r t h e h e a d i n g o f ,fe c o n o m i c i n s t i t u t i o n s 1* S o cio lo g y . th e

Emory S . B o g a rd u s d e f i n e s

stu d y of s o c i a l groups in

and m atu rin g p e r s o n a l i t i e s processes.

He a l s o d e f i n e s

m eaning o f s o c i a l f a c t s so c ia l processes. ite d

It

is

so cio lo g y as

th e i r fu n c tio n s of d ev elo p in g

th ro u g h the o p e r a t io n o f s o c i a l th e f u n c tio n o f s o c io lo g y as the

i n t e r m s o f h um an a t t i t u d e s

and o f

t h e s t u d y o f hu m an g r o u p s a s e x h i b ­

in so cial s itu a tio n s,

v alu es,

in p e r s o n a l a t t i t u d e s and group 30 i n group i n s t i t u t i o n s and p ro b lem s.

---------- VA"

Max L e r n e r , I d e a s a r e W e a p o n s V ik in g P re s s , 1939), p. 145.

(New Y o r k : The

31

A r th u r E. D a v is , S o c i o l o g i c a l E lem en ts i n V eblen*s E c o n o m i c T h e o r y , 11 The J o u r n a l o f P o l i t i c a l E c o n o m y . 5 3 : 3 . J u n e , 1945. p . 1327 3 2 E m o r y S . B o g a r d u s , S o c i o l o g y (New Y o r k : The Mac­ m i l l a n Company, 1 9 4 5 ) , p p . 1 - 2 1 .

G estalt* in te rp retatio n

The m e t h o d o l o g i c a l a p p r o a c h t h a t

o f the c u l t u r e as a p a t t e r n p r o c e s s ,

u r a t i o n o f th e w hole i s T his d i s c i p l i n e are

Is an

G estalted

holds th a t

co n fig ­

or the G e s ta lt sc h o o l.

th e p a t t e r n , w hole s t r u c t u r e ,

etc.

t h e u n i t s o f o b s e r v a t i o n and s t u d y , and t o a n a l y z e them

i n to sim p le r elem en ts i s asp ects

t o d e s t r o y t h e m ost i m p o r t a n t

o f t h e phenomenon*

33

V eblenfs m an ifo ld i n t e r e s t s

As Max. L e r n e r a p t l y summed u p i n l i f e — t h e y c o u ld be c o n v e rg e d

upon th e b ro a d -g a g e d s tu d y o f c u l t u r e V e b le n was one o f t h e

pio n eers

as a w hole— th u s

of the G e s ta lt sch o o l in

A m erica.

33

E d w a r d B* R e u t e r , H a n d b o o k o f S o c i o l o g y (New Y o r k : The D r y d e n P r e s s , 1 9 4 1 ) , p . I 2 l ~ .

CHAPTER II REVIEW OF LITERATURE AND MATERIALS USED A g r e a t many w r i t e r s r e f e r T h o r s te in V eblen.

N u m e ro u s t e x t s ,

n o v e ls have r e f e r e n c e s

to

the

p r o c e s s e s V eblen s e t f o r t h h is f i r s t

to th e works o f

so c io lo g ica l

p erio d icals

and even

s o c i a l c o n c e p ts and s o c i a l

in a l l h is w orks, e s p e c ia lly in

tre a tise ,

The T h e o r y o f t h e L e i s u r e

C lass. The m e t h o d o f r e s e a r c h f o r t h e use o f p rim a ry and se c o n d a ry m a t e r i a l s Prim ary M a t e r i a l s . w ere:

i n M odern C i v i l i z a t i o n .

T h o r s te in V eblen,

such a s :

Common M an, The I n s t i n c t s the

in

the l i b r a r y .

The m o s t i m p o r t a n t p r i m a r y s o u r c e s

The T h e o r y o f t h e L e i s u r e

S cience

s t u d y was t h r o u g h t h e

C l a s s , a n d The P l a c e o f Many m o r e o f t h e w o r k s o f

The V e s t e d I n t e r e s t s

and th e

o f W orkm anship and th e S t a t e

of

I n d u s t r i a l A r t s , A b s e n te e O w nership and B u s in e s s E n t e r ­

p rise

in R ecent T im es, and o th e r s l i s t e d

co n tain v a ria tio n s the f i r s t

b ib lio g rap h y

o f t h e sa me t h e m e s a n d i d e a s p r e s e n t e d i n

two o f t h e a b o v e m e n t i o n e d t e x t s .

Secondary M a t e r i a l s . m aterials

In the

The r e s e a r c h i n s e c o n d a r y

l e d to e x a m in a tio n o f works i n th e f i e l d s

of

s o c io lo g y and eco n o m ics; how ever, f o r b i o g r a p h i c a l m a t e r i a l , th e most l u c r a t i v e

s o u r c e o f i n f o r m a t i o n was

J o s e p h D orfm an’s T h o r s t e i n V eblen and H is A m erica. the

so c io lo g ica l

te x ts used w ere:

Some o f

U n d e rstan d in g S o c ie ty by

H o w ard W. Odum, S o c i a l D i s o r g a n i z a t i o n b y R o b e r t F a r i s , S o c i a l Change W ith R e s p e c t a n d An O u t l i n e o f t h e R o b ert E, P a rk , references

to C u ltu re by W illiam F .

P rin c ip les

Ogburn,

of S o c io lo g y by

S i m i l a r l y , H a r r y E l m e r B a r n e s h a s m any

to V eblen i n h i s

In tro d u ctio n

to the H is to r y o f

S o c i o l o g y , a n d Howard W. Odum h a s a c o m p l e t e c h a p t e r o n V eblen*s s o c i a l t h e o r i e s

in h is

S cien ce,

q u ite d i f f i c u l t

In f a c t ,

It

is

so cio lo g ical lite ra tu r e

A m erican M a ste rs o f S o c i a l

in the f i e l d

to review

of in d u s tria l r e la tio n s ,

s o c i a l t h o u g h t , e co n o m ic s and o t h e r r e l a t e d f i e l d s so cial

s c i e n c e s w i t h o u t coming a c r o s s

T h o r s t e i n V eblen*s s o c i a l t h e o r i e s . o th er so c io lo g y te x ts works i n c o r r e l a t i v e reference

are l i s t e d , field s

In the

some r e f e r e n c e

to

In the b ib lio g ra p h y ,

to g e th e r w ith r e l a te d

of s o c i a l s c ie n c e w hich have

to V eblen and h i s w o rk s.

The v a l u e o f r e s e a r c h i n r e c o g n i z e d w he n t h e Is

the

acknow ledged.

in flu en ce

secondary sources

o f V e b le n on o t h e r s o c i o l o g i s t s

For exam ple:

C h a r l e s Hunt Page s t a t e s

h i s w ork, C la s s and A m erican S o c i o l o g y , i s so c ia l th eo ries

Is re a d ily

th at

prem ised upon th e.

a s s e t f o r t h by T h o r s t e i n V e b len ,

R o b e r t K. M e r t o n , w h o s e l a t e s t w o r k , S o c i a l The o r y a n d S o c i a l S tru c tu re ,

is

a s o c i o l o g i c a l t e x t w h i c h d e r i v e d many o f i t s

Id e a s and i n s p i r a t i o n s V eblen,

from th e

s o c ia l thought s tr u c tu r e d by

B e c a u se one o f t h e m a in s o c i o l o g i c a l f a c t o r s w h ic h

V e b l e n a n a l y z e d was c h a n g e ,, t h e r e

I s m u ch i n

18 S t u a r t P. C h a p in ’s book, C u l tu r a l Change, t o V e b l e n 1s t h e o r e t i c a l s y s t e m * stu d y by the

th a t has re fe re n c e

And i n t h e c o m p a r a t i v e

s o c i o l o g i s t L o u i s S c h n e i d e r , c a l l e d The F r e u d i a n

P sy ch o lo g y and V e b le n ’ s S o c i a l T h e o ry , r e f e r e n c e V e b l e n 1s w o r k n o t o n l y f r o m t h e b u t a l s o from the

is

made t o

s o c i a l p s y c h o lo g ic a l approach

pure s o c io lo g ic a l th e o ry im p lie d .

P e r i o d i c a l Source M a t e r i a l *

I n th e A m erican J o u r n a l

o f S o c i o l o g y , E* H. S u t h e r l a n d h a s w r i t t e n a c o m p r e h e n s i v e r e v i e w o f V e b l e n 1s I m p e r i a l G e rm a n y a n d t h e o lu tio n *

T h e r e a r e m an y a r t i c l e s w r i t t e n a b o u t V e b l e n 1a

personal l i f e essay,

I n d u s t r i a l Rev­

and p r o f e s s i o n a l a p t i t u d e

s u c h a s V. B r a d f o r d ’ s

th at

the

th e i n t e r e s t

of his

attain m en t of a c la s s le s s

scien ces

th a t d ep riv a-

class

stru g g le,

p r o l e t a r i a t w ould a c t i n a r a t i o n a l c la ss.

He d i s c o u n t s

the c u l t u r a l pro cess w i l l a t t a i n

o f th in g s found in

He h a d

power and was d i s ­

w i t h th e M arxian t h e o r y of th e

w h ic h assum ed

the r e v o lu ­

t h a t h e was f o r M a r x .

few i l l u s i o n s

C/

so ciety .

the n a tu r a l

eq u ilib riu m

the th e o ry after

In h e re n t in the

s c ie n c e s and the

the

sphere

so cial

is

th e m a n i f e s t a t i o n o f s u p e r io r and i n f e r i o r 1 15 c la s s e s w ith in any genus. Marx i s

in te reste d

p r im a r ily in the

t h e econom ic s y s t e m - - c a p i t a l i s m . is

b a s e d on t h e

attem p ts

th eo ries

to f i t

w ith th e ir

his

lab o r

o f em ployers.

the

o f R ic a r d o and S m ith ,

t o w h i c h he co n sisten t

th eo ry of v alu e. of c a p ita lis m

is,

ttt h e p r o d u c t i o n

the m arket by h i r e d la b o r under

the d i r e c t i o n

These em ployers a re engaged i n t h i s

t i o n f o r money p r o f i t ” . is

phase o f

T his c o n c e p t o f c a p i t a l i s m

t h e o r y of v a l u e . and have i t

M arx’ s d e f i n i t i o n o f goods f o r

current

im portant f a c to r

The p r i c e in h is

of the

produc­

produced p ro d u ct

t h e o r y o f v a l u e w h i c h wa s

Max Lerner, op. cit., p. 35.

d efin ed

p r e v i o u s l y $s th e b a s i s

on w h i c h M a r x i a n i d e o l o g y

rests. V e b l e n d i d n o t b e l i e v e w i t h Marx t h a t the c a p i t a l i s t s

lie s

in th e ir

to produce fo r p r o f i t . em ployers l i e s on s t a t u s . o m ic l i f e d isc ip lin e

m u n ity ,

the

p o ssessio n of the in stru m en ts

He saw t h a t

th e r e a l c o n tr o l by the

so cial sig n ific an c e

V e b le n view ed t h e d i s c i p l i n e

of em ulation based of s o c i a l and e c o n ­

un d er a re g im e o f s t a t u s , w hich r e i n f o r c e s

the

o f a c c e p t a n c e o f th e u p p e r c l a s s mores an d c u s ­

toms b y t h o s e sta tu s

in

th e power o f

in the

low er c l a s s .

The-m ore th e c an o n s o f \

and cerem ony govern th e s o c i a l a c t i o n s the g r e a te r

groups w i t h i n th e

is

the

fa c ility

o f t h e com­

of s o c ia l c o n tro l of a l l

s o c i a l m il i e u by th e u p p er c la s s *

V eblen s t a t e d

116

t h a t Marx n o t o n l y o f f e r e d n o o b j e c t i v e

proof of h is th is

basic

t h e o r y o f v a l u e , b u t M arx a l s o a s s u m e d t h a t 117 prem ise o f v a lu e i s e q u a l t o la b o r c o s t .

M arx’s d o c t r i n e co n sisten t

o f la b o r v alu e

adherence

c a l econom ics.

is

the

l o g i c a l outcom e o f a

to the p o s itio n of c o n v e n tio n a l c l a s s i ­

V eblen re g a rd e d

th is

reference

s o l e p r o d u c e r o f econom ic v a l u e , a s a b a s i c rig h ts

p h ilo so p h y .

he c r i t i c i z e s

Here a g a i n ,

t h e na t u r a l r i g h t s

Ibid., pp. 246-265.

th e

th eo ry of n a tu r a l

as i n most of h i s w r i t i n g s , p h i l o s o p h y b e c a u s e h e saw i t

1 1 6 T h o r s t e i n V e b l e n , The P l a c e C i v i l i z a t i o n , pp* 6 7 - 6 9 * 117

to la b o r,

o f S c i e n c e i n Modern

u s e d by owners i n d e f e n s e

of th e ir v ested

N e i t h e r d i d h e go a l o n g w i t h t h e d o c t r i n e ing m isery of tio n .

t h e w o rk e r w ould l e a d

MThe e x p e r i e n c e

in te rests* th at

the e v e r l a s t ­

to p r o l e t a r i a n r e v o lu ­

o f h i s t o r y 1*, w r i t e s V e b l e n ,

’’ t e a c h e s

th a t a b je c t m isery c a r r i e s w ith i t d e t e r i o r a t i o n and a b je c t su b je c tio n .* ^ ® V eblen o b s e rv e s rea liz in g

t h a t m odern M arxian i d e o l o g i s t s ,

the u n ten ab le

su b stitu ted

surp lus

p o sitio n

products fo r

of t h e i r

lo g ic , have

s u rp lu s v a lu e , w hich

c h a n g e s M arx’ s s t u d y o f econom ic l i f e 119 a p p ro a c h to a D arw in ian approach*

from t h a t

of a M arxian

The C o m m u n i s t M a n i f e s t o a n d Da s K a p i t a l , a c c o r d i n g t o V eblen, are

the

first

a ttitu d e s.

He s t a t e s :

fu ll

e x p r e s s i o n s o f m odern s o c i a l i s t

They com bine o p p o s i t i o n t o t h e c o n s t i t u t i o n a l a u t h o r i t y and o p p o s i t i o n to th e c h i e f i n s t i t u t i o n o f the. a g e , t h a t i s , p r o p e r t y . Adam S m i t h a n d h i s s u c c e s s o r s w anted freed o m in a l l r e s p e c t s b u t o n e , p roperty* They do n o t sa y so b u t lo o k in g a t t h e i r th e o r y , I can say i t f o r them . ^ 0 M arx’ s h e g e l i a n m eth o d o lo g y does n o t f o llo w approach.

It

i s m erely a s u b s t i t u t i o n

o f te rm s and m eanings

t o Hagel’ s m e t a p h y s i c s a n d e p i s t l e m o l o g y . in stan ce

o f M arx’ s a d r o i t u se o f term s f o r

V eblen g iv e s as an propaganda

„ - 'L _ g

Max L e r n e r ,

o£.

c i t *, p. 3 8 .

koQ • c i t .

120

H egel’ s

Thorstein Veblen, ££. cit. , p. 80.

119 purposes in u sin g the t h e rem ark, t h a t , to p r o f i t s , reco g n ize in d u stry .

term c a p i t a l

in a r e s t r i c t e d m eaning,

” . . . goods o r w e a l t h i n v e s t e d w i t h a n aim

n o t m erely p ro d u c tiv e goods” .

the c a p i t a l i s t

as

V eblen b e li e v e d

the

Marx d o e s n o t

c e n tra l fig u re

th at

i n m odern

th e econom ic p r o c e s s from

t h e b u s i n e s s f>oint o f view c o u l d be b e t t e r u n d e r s t o o d i f f u n c tio n and p la c e o f th e c a p i t a l i s t e x p lain ed

in h is

term s of p r o f i t s

M a r x 1s p h i l o s o p h i c

term s o f th e

in

t h e economy w e re

and l o s s r a t h e r

life

th an in

p ro c e s s or in term s o f

l a b o r . 121 H o w a r d Odum, e v a l u a t i n g M arx a n d V e b l e n , b r i n g s approaches

to

in to

th e f o r e g o in g com parison o f

sharp r e l i e f

the stu d y of c u l t u r a l

tren d s.

t h a t a lth o u g h V eblen ”u sed h i s t o r y i n h i s less

th e h i s t o r i a n

than th e b i o l o g i s t

He a l s o w a s u n l i k e Marx i n i n s i s t i n g so cial

process

is

th e ir resp ec tiv e He p o i n t e d

stu d ies,

out

he was

o f h um an i n s t i t u t i o n s . ” t h a t know ledge o f t h e

t o be g a in e d o n l y from a know ledge o f th e

”r u n - o f - f a c t s ” a n d c a n n o t b e a c h i e v e d b y l o g i c a l p r o c e s s . Th e g e s t a l t , so cial

s t r u c t u r a l - f u n c t i o n a l approach to l PP p h e n o m e n a c a n o n c e *a g a i n b e s e e n .

Throughout enee i s

the

two s y s t e m s ,

one o f p s y c h o l o g y .

th e m ost o b v io u s d i f f e r - ^

M arxism ,

w a s b a s e d o n w h a t wa s t o V e b l e n , p s y c h o lo g y o f B entham , w h ic h

the

assum es

l i k e c l a s s i c a l econom ics, outm oded a n d i m p o s s i b l e t h a t man a c t s r a t i o n -

I b i d . , pp. 242-243.

122

Howard Odum,

o jd

.

the s tu d y o f

cit. , pp. 244-263.

'-A\

12 0 a lly

to a v o id p a in and a c h ie v e h a p p in e s s .

o th er hand, b eliev ed

t h a t men a c t f r o m i n s t i n c t s

p e n s i t y , and o f t e n c l i n g

to h a b its

of thought

i n s t i t u t i o n s w h i c h seem s a c r e d e v e n when co u n ter

to t h e i r

in te rests.

V eblen q u e s t i o n s in M arx’s d i a l e t i c s . tific ,

h is

the

so -called

I f h i s econom ic

t h e o r i e s w ould r e q u i r e

im bedded

in

th ey c le a r l y ru n

t h is by s t a t i n g

S c ien tific

a p p r o a c h 11

t h e o r i e s w ere s c i e n ­

an a n a l y s i s

t h e o r y t h a t men b u y a n d s e l l

V eblen r e f u t e s

and p ro ­

123

c a u se and e f f e c t , w hich th e y do n o t . false

V e b l e n , on t h e

in

term s of

Marx p r o c e e d e d

in order

on t h e

to consume.

:

The b u s i n e s s m a n , i n s o f a r a s h e is a b u sin ess m an , d o e s n o t aim t o g e t c o n s u m a b le w e a l t h , b u t o n l y to a c c u m u la te w e a l t h a s e v id e n c e d by th e m odern c o r p o r a t i o n . 124 V eblen f u r t h e r d e c l a r e s istic

in te rp re ta tio n

th at

th e M arxian m a t e r i a l ­

o f h i s t o r y means th e

a c u l t u r e i s b a s e d on t h e

obvious.

v i e w s , must a d j u s t

tos

Itse lf

s u r v iv a l v alu e of

Any c u l t u r e , V e b l e n

. . . t h e e c o n o m ic e x i g e n c i e s on p a i n o f d e s t r u c t i o n . Some l i k e t h e W e s t e r n c u l t u r e , w i t h i t s t e c h n o l o g ­ i c a l e f f i c i e n c y , w h ic h a l l o w s a w ide m a r g in b e tw e e n h i g h e s t a n d m inim um e f f i c i e n c y r e q u i r e d . The e c o n o m y c a n a f f o r d t o w a s t e much i n c o m p e t i t i v e s t r u g g l e b e tw e e n t h e members o f t h e d o m in a n t e c o n o m ic c la ss. M ankind i s o l d e r t h a n t h e c l a s s s t r u g g l e . 125 12& Max L e r n e r ,

0£. c l t . , p. 36.

124 T h o r s t e i n V e b l e n , £ £ .

c l t . , p. 208.

125 T h o r s t e i n V e b l e n , "Das K a p i t a l , " J o u r n a l o f P o l i t ­ ------------------------------i c a l Economy, 6 : 2 7 9 - 2 8 2 , M a rch , 1 8 9 4 .

121 In a review

o f M a rx ’ s Das K a p l t a l , V e b le n c r i t i c i z e d

the e x p re ss e d

th eo ry of s u r p lu s - v a lu e .

su rp lu s-v alu e

c o n c e p t was a c o m p l e t e m y s t e r y .

th a t by the

tim e he had r e a d t h e

be e x p l a i n e d .

th ird

To V e b l e n ,

th is

He h a d h o p e d

volum e, i t

w ould a l l

How ever, he w r i t e s :

T h i s M a r x i a n dogm a o f s u r p l u s v a l u e h a s s e r v e d the p re s e n t g e n e ra tio n of s c i e n t i f i c s o c i a l i s t s as th e fu n d am e n ta l s c i e n t i f i c p r i n c i p l e and th e key ­ n o te of t h e i r c r i t i c i s m of e x i s t i n g i n d u s t r i a l r e l a t i o n s , and i t s a c c e p t a n c e ( i n f a i t h ) by t h e b o d y o f s o c i a l i s t s avowed an d u n a v o w e d , h a s c o n ­ tr ib u te d n o t a l i t t l e to co n scio u sn ess of th e ir a t t a c k on t h e e x i s t i n g o r d e r o f t h i n g s . The t h e o r y has none b u t th e m ost rem o te and i n t a n g i b l e r e l a t i o n to any c o n c r e te f a c t s . For a l l u s e f u l p u rp o se s, the e n t i r e s u r p l u s - v a l u e t h e o r y i s v i r t u a l l y avowed t o b e m e a n i n g l e s s l u m b e r . 126 Ho o n e d e n i e s

the

on V e b l e n , a l t h o u g h t h i s sin ce

in flu en ce

o f M arx’ s s o c i a l t h e o r i e s

c a n be s a i d

of m ost s o c i a l s c i e n t i s t s

t h e w o r k s o f M arx h a v e b e c o m e a c c e s s i b l e f o r

V e b l e n ’ s econom ic

s t u d i e s w e r e b a s e d on t h e

m odern i n s t i t u t i o n s and i n

stu d y .

power f a c t o r

t h i s r e s p e c t he was c l o s e

in

t o Marx.

H ow ev er, V e b l e n ’ s c o n c e p t i o n o f t h e w o r k i n g c l a s s was a passiv e fa c to r

in

the

stru g g le

for

power i n a way q u i t e

a lien

t o M arx.

^

To M a r x , in

in flu en cin g

th e m achine te c h n o lo g y i s the

stru ctu re

t h e s t a g e f o r m odern c l a s s tech n o lo g y is

itse lf

-1-26 Loc. cit.

m ainly s i g n i f i c a n t

o f t h e b u s i n e s s u n i t and s e t t i n g

co n flict.

To V e b l e n ,

th e m achine

t h e m ain s o c i a l f o r c e w h ic h makes f o r

122 s o c i a l change w i t h c o m p e titiv e

so cial

c o n f l i c t am ong

b u s i n e s s men t a k i n g a m i n o r r o l e . V eblen*s re v ie w

concludes th a t

the fu n d am en tal

p re m is e fro m w h ic h K a r l M a rx f s econom ic is

the

th eo ries

arise;

one

law o f a c c u m u l a t i o n o f c a p i t a l o u t o f u n p a i d l a b o r ,

and i t s

co ro llary ,

the d o c tr in e

of the r e s e r v e

unem ployed, and th e s e form th e b a s i s h is reasons fo r c o llap se

the

V eblen*s a n a l y s i s th an

o f M arx’ s sy ste m and o f

s o c i a l c a u s e s w h ic h m ust l e a d

of th e c a p i t a l i s t

i s m o re v a l i d

arm y o f

system .

to the

127

o f t h e econom ic s i d e

of the c u lt u r e

t h a t o f M a r x , a s sh o w n b y Max L e r n e r w h e n

he w r i t e s : V e b le n * s d i s t i n c t i o n b e tw ee n t h e p e c u n i a r y and i n d u s t r i a l o c c u p a t i o n s i s a m ore a c c u r a t e a n a l y s i s o f the c u l t u r a l s i t u a t i o n th a n th e c l a s s s t r u g g l e is . Marx*s a r g u m e n t i s im plied d o c trin e arm y i s

a p p a r e n t l y most v u l n e r a b l e

of p o p u latio n .

The c o n c e p t

b a s e d on t h e a s s u m p t i o n t h a t

i n d e p e n d e n t l y o f t h e means o f l i f e .

q

\

in i t s

of the r e s e r v e

p o p u latio n s

in crease

V eblen q u e s t i o n s

th e

a p p e a l t o r e a s o n i n h e r e n t i n th e M a rx ian view o f e x p l o i t a t i o n of la b o r,

and d o u b t s

t h a t m ankind a c t s

o r w i t h in a l o g i c a l fram e of r e f e r e n c e .

i n a l o g i c a l manner He s t a t e s :

C o n t i n u i t y i n th e g iv e n f a c t s i s n o t to be im puted in p e rs o n a l term s b u t o n ly in term s o f c au se and effect. T he e c o n o m i c o r d e r i s n o t t o b e t a k e n f r o m L ocT

*1go

p i t .

Max Lerner, op. cit. , p. 35.

123 a p e r s o n a l p o i n t o f v ie w ; bub i s a scheme o f b l i n d l y a c c u m u l a t i v e c a u s a t i o n , i n w h ic h t h e outcom e i s n o t p r e o r d a i n e d a s g o o d . 12 9 V e b le n shows t h a t

if

im provem ent w ere f o l l o w e d , and unem ploym ent. o u t.

in poverty b u t, r a t h e r ,

c u ltu re*

in

is

th at th at

a risin g

the

t h e f a c t s d o n o t b e a r M arx t h e r e h a s b e e n no i n c r e a s e stan d ard

a sse rts,

in p o v erty ,

the

M.t h e e x p e r i e n c e

i n s t i t u t i o n s , b e c a u s e , V eblen of h is to r y teach es

it

th a t a b ject

c o m e s w i t h d e t e r i o r a t i o n a n d a b j e c t m i s e r y . ft‘*-3 0

V eb len ’s e v a lu a tio n i s n o t the

o f p r e s e n t d ay M arxian s o c i a l i s m

th eo re tic al

s y s t e m a s l a i d down b y

Marx was o p p o s e d t o w a r l i k e n a t i o n s a n d a w a r l i k e

p o licy .

"M arxian s o c i a l i s m

lib e ralism lik e

th e economy r a t h e r

t h e r e w ere an i n c r e a s e

o f the e x i s t i n g

su b jectio n

Marx*

in stitu tio n s

w o u l d n o t f o l l o w M a r x Ts p r e d i c t i o n o f t h e f o r c e f u l

overthrow

th at

the

theme o f e x p l o i t a t i o n o f l a b o r b y b u s i n e s s .

F u rth e rm o re , even i f

is

o f l i v i n g and a

m odern b u s i n e s s

f o r t h e i r m yths by w h i c h t h e y r e g u l a t e d

resu lts

tec h n o lo g ic al ^

s e l f - m a d e man t h r o u g h o u t

V eblen c r i t i c i z e d

t h a n on t h e

about

t h e y w ould c a u s e g r e a t e r p o v e r t y

He w r i t e s

The p r a g m a t i c f a c t

deep ro o te d b e lie f

Marx*s t e n e t s

id eals

t o d a y means m ere i m p e r i a l i s t i c

or i m p e r i a l i s t i c dem ocracy. is

lead in g

to

H ab itu atio n

the s t e r i l i z a t i o n

to w ar­

of re v o lu tio n -

TOQ

T h o r s t e i n V e b l e n , "T he L a t e r M a r x i a n , " J o u r n a l o f P o l i t i c a l Economy, 9 7 - 9 8 , D ecem ber, 1896. 130 L o c.

e it.

124 ary so cialism .

131

H is c r i t i c i s m

be s e e n b y c o n t r a s t i n g V eblen h o ld s t h a t but

it

to h is

F o r Marx, i t

of m ental c h a ra c te rs ^ of h a b its in h a b its

tr a d itio n a l id eas

is

relig io n ,

p o i n t o f view i s

of m in d s,

the

p o litic s,

and

^

perm eating a l l

stra ta

th at

of

He v i e w s t h e m a c h i n e a s t h e r e v o l u t i o n a r y

who w o r k w i t h i t .

are

a c o n flict

p r o d u c e r s .. V eblen a s s e r t s

the

cu ltu re.

a re w orking d a y a f t e r

in stan ce

the c a p i t a l i s t ,

o f t h o u g h t , m a n i f e s t i n g them ­

of p ro p erty ,

s o c ia l force w ith in e ffects

not

s e e n to be u n d e rm in in g a l l

m o r a l i t y i n th e m inds o f t h e

A m erican l i f e .

is

p o stu lates.

of a ctio n .

The m a c h i n e

the s c i e n t i f i c

own b a s i c

th e enemy o f s o c i e t y i s

t h e b u s i n e s s man.

selv es

o f M arxian id e o lo g y can b e s t

T his

In the m ach in e, p o s i t i v e

d a y , y e ar a f t e r y e a r upon th o se

i s w hat V eblen m eant by th e c u l t u r e

of the m ach in e,

11t h a t w h a t men d o ,

shapes what th ey

t o b e c o m e .**132 When t h e p e o p l e

p o l i t i c s w ith

o f the n a tio n tu rn

t h e sam e s p i r i t ,

a b so lu te d eterm in atio n

w hole. —

t h e same v i g o r a n d t h e same

the

to i n d u s t r y and b u s i n e s s , g rea test b en efit

T h is r e s u l t w i l l be o f a r e l a t i v e _

_

_

_

_

a tt e n t i o n to

t o a c h ie v e r e s u l t s w i t h w hich th e y

have d ev o ted th em selv es id eas w ill r e s u l t in

th eir

to

the s o c ia l

the c u l t u r a l

n a tu r e and

_

Jo se p h D orfm an,

o jd .

c i t .,

p.

267.

1 3 2 T h o r s t e i n V e b l e n , T he P l a c e o f S c i e n c e i n M o d e rn Ci v i l i z a t i o n , p p . 4 0 8 - 4 5 6 . — — — ------------------

125 p rac tic al,

in stead

a n d on a b s o l u t e s *

o f b a s e d on n o r m a t i v e f r a m e s o f r e f e r e n c e

133

S t a n l e y M. D a u g e r t h a s

summed u p V e b l e n * s c r i t i c i s m

o f M a rx b y s t a t i n g : No o n e c a n r e a d V e b l e n ’ s c r i t i c i s m o f Marx w i t h ­ o u t c o n c lu d in g t h a t V eblen had l i t t l e u se f o r M arxian, d i a l e c t i c s a s w o r k a b le t h e o r i e s o f e co n o m ic c h a n g e . 154 F in a lly ,

at

th is

t i m e , when t h e

t i o n makes m o st o f us a w are

th at

the

tech n o lo g y of d e s t r u c ­

p r e s e n t w a r may p r o v e

th e g ra v e o f h u m a n ity , V eblen*s c r i t i c i s m s h o u l d make e v e r y o n e m o re c r i t i c a l

o f M arxian id e o lo g y

of R ussia*s i n te r n a t i o n a l

m oves.

1 5 3 r BqcT

c it*

1 3 4 S t a n l e y M. D a u g e r t ,

o£ .

c i t . , p.

53.

CHAPTER

V

SUMMARY AND CONCLUSION T h o r s t e i n V e b le n was one o f a g r o u p o f s o c i a l t h i n k e r s to ach iev e le a d e r s h ip century*

i n A m erica a t

the

tu rn of the

He w a s a d i a g n o s t i c i a n , n o t a h e a l e r ,

n o t an a r c h i t e c t , d ifferen ce rev ealed

a n d he s h a r e d w i t h t h e

to e t h i c a l c o n sid e ra tio n s*

some o f t h e

c u ltu ral

tren d s

tw en tieth

an i c o n o c l a s t ,

c la ssic ists

In h is

an i n ­

stu d ies are

a r i s i n g from th e c u l t u r a l

l a g betw een t e c h n o l o g i c a l d e v e lo p m e n t and c h a n g e s i n s o c i a l in stitu tio n s*

Among t h e s e

so c ial d iso rg a n iz atio n ,

tr e n d s w ere In c lu d e d a s p e c ts o f

g reater

s o c ia l c o n tr o l by th e upper

c la ss,

co n cen tratio n

o f e c o n o m ic power i n t o f e w e r c o r p o r a ­

tio n s,

g r e a t e r s o c i a l c o n f l i c t betw een t h e f i n a n c i a l and

In d u strical in stitu tio n s*

H is a n a l y s i s

and c r i t i c i s m

are

c o m p r e h e n s iv e and p e n e t r a t i n g fro m b o t h econom ic and s o c i o l o ­ g ical

p o i n t s o f view * I t was c h a r a c t e r i s t i c

o f V eblen t o h o ld h i m s e l f a lo c f

from o r g a n i z a t i o n s w h ic h m ig h t te n d t o upon h i s th is

th in k in g ,

idea

te a c h in g or w r itin g s *

o f ind ep en d en ce

to the

o p p o sitio n to c e rta in

u larly

to lead o th e rs

sitio n s

and c o n c e p ts .

In f a c t ,

he c a r r i e d

p o in t o f j o in i n g groups in

a m in o rity or s u b o rd in a te p o s itio n in to e x p re ss h is

place r e s t r i c t i o n s

o rd e r to rem ain f r e e v ie w s , and t h i s

t o exam ine and a n a l y z e

th eir

p artic­

own p o ­

I t w as no d o u b t p a r t l y o w in g t o h i s

\

own l i f e

o f c o m p a ra tiv e p o v e r ty and d e n i a l o f r e c o g n i t i o n * a s

w e l l a s h i s u n c o m p ro m isin g p r a g m a tic a p p r o a c h t o econom ic in stitu tio n s

and h i s

sk e p tic al a ttitu d e

dogma t h a t h e w a s p l a c e d a ly sis

of the

se n sitiv e

in a p o sitio n for a p en etratin g an­

so c ia l m ilieu

b arom eter to

to w a rd econom ic

i n w h ic h he l i v e d .

He b e c a m e a

th e d y n am ics o f econom ic and s o c i a l

v a lu e s w hich w ere c h a r a c t e r i s t i c In o rd e r to e x p re ss

of h is

tim es.

his re a c tio n s

c e s s e s w h ic h w ere e f f e c t i n g th e

to th e

so cial

pro­

changes w hich so d i r e c t l y

c o n c e r n e d h im , he had t o d e v i s e a m e t h o d o l o g y , w h ic h h a s been d e s c r i b e d as an I n s t i t u t i o n a l a p p ro a c h to so cial

phenomena.

He i n s i s t e d

th at

the stu d y o f

i t was n e c e s s a r y

to con­

s i d e r e v e r y p r o b le m o r p a r t o f a pr.oblem i n t e r m s o f i t s e n tire

c u ltu ra l se ttin g ,

in to account a ll

cu ltu re

w hich w ould be p o s s i b l e by t a k i n g as m an ifested

In s o c i a l I n s t i t u t i o n s

B r i e f l y , h i s m ethodology s t r e s s e d .rath er

th an the

sep aratio n

of d ata

the u n i ty o f c u l t u r e

i n t o m an y d i s c i p l i n e s .

’i

Thus

s o c io lo g ic a l v alu es as w ell as

o th e r s o c i a l v a lu e s w ere

e s s e n t i a l i n s t u d y i n g econom ic p r o b le m s . H is I n s t i t u t i o n a l

approach to

was one i n w h ic h t h e i n s t i t u t i o n

the s t u d y o f s o c i e t y

p a s s e d on t h e

fo lk w a y s and m ores o f a s o c i e t y and c o n d i t i o n e d beh av io r in view ed th e

its

g o a ls and m ethods

so cial

f o r ex am ple,

the

process

tra d itio n s, in d iv id u al

o f a t t a i n i n g them .

V eblen

In a dich o to m o u s fram e of r e f e r e n c e

in d u stria l

in stitu tio n

and b u s in e s s

In stitu -

tio n s.

T hese w ere in c o n f l i c t b e c a u se o f d i f f e r e n t h a b i t s

thought i m p l i c i t in each . form ed a s p e c i f i c

F urtherm ore, b u sin e ss i n s t i t u t i o n s

s o c i a l c l a s s w h i c h was s y n o n o m o u s w i t h t h e

leisu re

c la ss,

c la ss.

In th e f i n a l a n a l y s i s , h i s

th e view o f

and i n d u s t r i a l i n s t i t u t i o n s

bols

i n s t i t u t i o n a l approach Is

s o c i a l and econom ic c r i t l -

s e v e r a l c o n c e p t s w e r e c r e a t e d b y h i m t o s e r v e a s sym­ o f c o n d it i o n s w h ic h w ere c h a r a c t e r i s t i c

c u ltu re.

Among t h e s e

em u latio n ,

sta tu s,

c la ss,

the canons

in stin c t

of re p u ta b ility ,

co n sp icu ous co n su m p tio n , conspicuous

w a ste and b e l l i c o s i t y . in te rre la te d ,

of t h e A m erican

c o n c e p ts w ere s o c i a l c l a s s ,

o f w orkm anship, l e i s u r e

ogy.

form ed a n o th e r

s o c i e t y a s made u p o f i n s t i t u t i o n s .

In th e developm ent of h i s cism ,

of

These a r e

s e e n t o be more o r l e s s

a s w o u ld be e x p e c t e d i n t e r m s o f h i s m e t h o d o l ­

S p ecial c re d it

is

due V eolen f o r h i s

developm ent o f th e c o n c e p t, in h is-m eth odolo gy. in flu e n c e d by t h i s

d e f i n i t i o n and

s o c i a l c l a s s , w h i c h wa s s o b a s i c

Q u i t e a few w r i t e r s h a v e o e en g r e a t l y a s p e c t o f V e b l e n 1s a n a l y s i s

of s o c ia l

problem s. V e b le n view ed te c h n o lo g y a s m odern s o c i a l

change*

in te reste d

p ro d u c tio n b u t m ainly In th e

in

Because

the m ajo r f a c t o r

c la ssic al

o r f i n a n c e , he s p e n t h i s w hole l i f e econom ic

th eo ries.

did not r e f l e c t

He b e l i e v e d

actu al e x istin g

th at

e c o n o m is ts w ere n o t study of w e alth

c ritic isin g the

in

c la ssic al

c la ssic a l

co n d itio n s

th eo ries

o f m odern s o c i e t y ,