VEBLENIAN DEMAND AND ENGEL’S LAW

E Ray Canterbery

Chapter 8 in Inequality and Global Supra-surplus Capitalism, 2018, pp 119-134 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Where demand is influenced by advertising, salesmanship, marketing and other forces, the orthodox theory of demand will not suffice. For help, we turn to Thorstein Veblen. Veblen has contributed such evocative terms as “conspicuous consumption, conspicuous emulation,” “pecuniary culture,” “vicarious consumption,” and “the leisure class” to the language of economics. Though little noted, and not yet celebrated, important improvements in demand theory have emanated from The Theory of the Leisure Class (hereafter TLC). Since the enduring Veblenian contributions to our language are related to consumption it is hardly surprising that even the mainstream has ratified Veblen with “Veblen effects”

Keywords: Capitalism; Production Surpluses; Supra-surpluses; Casino Economy; Inequality; Vita Theory; Great Recession; Subsistence; Minimum Wage; Markup; Kaleckian Power; Stagnation; Innovation; Technological Advance; Income Distribution; Wealth Distribution; Fiscal Policy; Monetary Policy; Incomes Policy; Zero-interest Rate Society; Trump; 2016 Campaign; John Kenneth Galbraith; Conventional Wisdom; Expectations; Budget Shares; Veblenian Demand; Engel's Law; Casino Effect; Economic Power (search for similar items in EconPapers)
JEL-codes: N00 (search for similar items in EconPapers)
Date: 2018
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