Thorstein Veblen’s Financial Macroeconomics

Georgios Argitis

Journal of Economic Issues, 2016, vol. 50, issue 3, 834-850

Abstract: The purpose of this article is to provide an exposition of Thorstein Veblen’s contribution to financial macroeconomics. I argue that Veblen conceptualizes and contextualizes how the financial structure of effective demand is predisposed to endogenous non-sustainable leverage processes, manipulation, and speculation. I stress that Veblen advances a cultural-financial theory of investment and brings forward the role that pecuniary and emulation instincts play in institutionalizing predatory and fraudulent activities which destabilize the macroevolution of monetary production economies. I underline that Veblen patterns financial macroeconomic fragility and instability within the institutions of the business enterprise system.

Date: 2016
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DOI: 10.1080/00213624.2016.1213591

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