Veblen and the Business Cycle: A Marxist Perspective

Adil Mouhammed
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Adil Mouhammed: Department of Economics, Sangamon State University, Springfield, IL 62794-9243

Review of Radical Political Economics, 1994, vol. 26, issue 1, 134-148

Abstract: Many economists have explained Veblen's business cycle either by concentrating on competition, demand, etc., or by stressing Veblen's financial fragility theory. In this article, it is argued that Veblen has combined the rising labor cost theory with financial fragility theory to explain downturns in business activity. For Veblen, capitalism is not capable of eliminating business cycles because of the competitive friction between business capital and workers.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:26:y:1994:i:1:p:134-148

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