Thorstein Veblen

[bailey_187]

So Veblen said in Theroy of the Business Class that capitalists act as a barrier to the increasing expansion and coordination of machines and are sabatuers of machines. The machine is more interested in advancing production and mechanising, while the capitalist wants profits, so their interests are oppposed and the capitalist will become obsolete. (Correct if i am wrong about anything here)

I read that Paul Sweezy was interested in the ideas Veblen.

How are Veblens ideas compatible with Marxian Economics? What are everyones view on Veblen?

[RED DAVE]

Veblen was an important figure in the development of the American Left, but his direct connections are tenuous. He is best seen as a product of the Progressive Movement, which includes such major figures as John Dewey, Jacob Riis and even Theodore Roosevelt. Progressivism was capable of criticisms of capitalism, but it fell far short of embracing a Marxist critique or class struggle.

Veblen's most famous work is The Theory of the Leisure Class, where he develops the notion of conspicuous consumption (a term he coined) as the primary goal of the ruling class. In The Theory of Business Enterprise, as noted above, Veblen's primary critique of capitalism is that the capitalist class is actually a fetter on the advancement of industry.

Veblen's concept of social change involved the united action of engineers to overthrow the inefficient capitalist class. His ideas are connected to those of Technocracy, and Howard Scott, the cranky leader of Technocracy tried to coopt Veblen into his movement.

Veblen's books are still worth reading:

The Theory of the Leisure Class (http://www.gutenberg.org/etext/833)

The Theory of Business Enterprise (http://www.archive.org/details/theorybusinesse00veblgoog)

RED DAVE

[Zanthorus]

Veblen's critique of marginal utility could be useful for mounting a defence of the labour theory of value:

http://www.elegant-technology.com/resource/MARG_UT.PDF

[RommelDAK]

How are Veblens ideas compatible with Marxian Economics? What are everyones view on Veblen?

I dunno about Veblen, per se, but I do know that modern members of the school of thought he inspired, Institutionalism, find Marxism interesting but fundamentally disagree regarding some points orthodox Marxism. In particular, they don't like the teleological nature of the evolution of economic systems (Institutionalists have no problem with the idea that systems evolve, but do not believe there is a particular end point), the rigidity of the dialectic (they have a more open-ended view), or the labor theory of value (their theory of value is cultural and revolves around ceremonial and instrumental valuing).

That is not to say, Zanthorus, that one could not use Veblen's critique to defend LToV, but I'm not too sure Veblen would have approved.