Veblen's Economic Theory: A Radical Analysis

Adil H. Mouhammed
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Adil H. Mouhammed: Department of Economics, University of Illinois at Springfield, Springfield, IL 62794 amouhammed@aol.com

Review of Radical Political Economics, 2000, vol. 32, issue 2, 197-221

Abstract: Veblen is a systematic economic theorist whose economic views run in parallel with those of his contemporaries. Also, his economic analysis is important for Marx's system. Veblen's economic theory as analyzed here consists of four basic components: reserve capacity, markup pricing, productivity, and aggregate demand; these elements constitute a coherent structure of economic analysis containing both microeconomics and macroeconomics used not only to analyze capitalism but to replace it. It is also argued that Veblen's economic theory is radical, because it utilizes social conflict as the driving force for social evolution.

Keywords: Veblen; Social conflict (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:32:y:2000:i:2:p:197-221

DOI: 10.1177/048661340003200202

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