Heterodox Economists: Thorstein Veblen

In 'The Higher Learning in America', Thorstein Veblen critiques the corporate model of university governance, advocating for institutions of higher learning to prioritize the pursuit of knowledge over extraneous activities like athletics and vocational training. The book remains relevant today, offering insights into the challenges faced by American universities in the early twentieth century and their ongoing struggles with academic freedom and corporate influence.

In 'The Theory of the Leisure Class', Thorstein Veblen presents a critical analysis of the social and economic behaviors of the upper class, arguing that economic life is driven by social vestiges from pre-historic times rather than by notions of utility. Veblen introduces concepts such as 'conspicuous consumption', 'pecuniary superiority', and 'vicarious leisure', highlighting how the leisure class demonstrates its economic superiority through non-productive activities and the display of wealth. The book challenges contemporary economic theories by emphasizing the role of social and cultural factors in shaping economic behaviors and critiques the wasteful and exploitative nature of the leisure class's activities.

In 'The Engineers and the Price System', Thorstein Veblen critiques the price system and its effects on industrial society. He argues that industrial output is more dependent on managers and engineers than financiers, and he proposes a plan for a 'soviet of technicians'. The book was originally published in 1921 and reflects Veblen's views on the need for revolutionary change in managerial structures.