Download Thorstein Veblen and Institutionalism: Social Institutions Gain New Significance in Economics AudioBook Free
Institutionalism can be an economic perspective that emphasizes the role of social organization and structure in modern economical life. Thorstein Veblen (1857-1929), an American son of Norwegian immigrants, was instrumental in creating this approach in the first twentieth century, and he vigorously attacked what he regarded as the privileged “leisure class” in America. To institutionalists, quite “institutions” of economical life include customs, habits, morals, and laws. They are thought to be more important in shaping economical life than are marketplace principles. Institutionalists emphasize a historical interpretation of social life, asserting that economical generalizations should be relevant to time and place. Institutionalist ideas greatly influenced economical policies which were created in response to the fantastic Depression.
