Modern Economic Thought: The American Contribution

By Allan G. Gruchy | Go to book overview

CHAPTER
2
The Institutional Economics of Thorstein Veblen

Among those American economists who were deeply interested in the reconstruction of economic science in the closing years of the last century was one who was destined to become known as the founder of institutionalism. The economist chosen for this important intellectual role was Thorstein B. Veblen. Other economists like R. T. Ely and S. N. Patten had turned to the problem of reconstructing economics long before Veblen, but they did not go very far beyond destructive criticism to the further achievement of providing a solid foundation for the progress of the new economics. It was Veblen's lot to become the spiritual leader of a renascence in American economic thought which was to offer a serious challenge to the economic orthodoxy of the nineteenth century. It was Veblen who emerged as the spearhead of the new movement in American economic thought, who provided this movement with the necessary philosophical inspiration, and who charted in broad outline the course that the new economics was to take in the first half of the twentieth century.

In the economics textbooks of the last quarter of the nineteenth century was summarized a body of economic doctrines which displayed all the refinement of thought and symmetry of logical construction that several generations of economists had been able to provide. It would have been much less exacting for Veblen to have accepted the contributions of these generations of orthodox economists and to have gone on to further achievements within the general framework of their equilibrium analysis, as did Herbert Davenport, John Bates Clark, Frank W. Taussig, and many other economists. Veblen, it seemed, had no choice but to contradict and refute these doctrines; everything conspired to give him a critical attitude toward

-31-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Modern Economic Thought: The American Contribution
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 670

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.