Elgar original reference
Edited by Jürgen G. Backhaus
Chapter 59: Thorstein Veblen (1857–1929)
Heath Pearson Introduction Veblen was born to Norwegian immigrant parents in rural Wisconsin; he was raised there and in Minnesota, and did not become ﬂuent in English until his late teens. He attended Carleton College (BA in philosophy, 1880), Johns Hopkins (no degree) and Yale (PhD in economics, 1884). Thereafter he taught economics at Chicago, Stanford, Missouri and the New School for Social Research. In addition to his scholarly endeavours, he served as editor of the Journal of Political Economy and occasionally contributed to such popular periodicals as the Dial. Veblen’s greatest posthumous fame is as the progenitor of the American school of ‘institutional economics’, better known to outsiders as ‘old institutionalism’. This entry will illuminate those aspects of his thought which bear on the concerns of modern ‘law and economics’, sometimes termed the ‘new institutionalism’. First, we shall show that Veblen’s thought was grounded in the same jurisprudential revolution that has issued in the economic analysis of law. Having established this, succeeding sections will stress how he took that common impulse in an exotic direction that has marked him ever since as a pole of heterodoxy. From natural law to legal realism Veblen’s thought matured in a broader intellectual ferment that predisposed him to the same style of social thought that has motivated law and economics ever since. Had he entered university 30 years earlier, Veblen would no doubt have imbibed a social philosophy grounded in natural law; in other words, he would have been taught to approach the...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.