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Thorstein Veblen and Institutionalism
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Thorstein Veblen and Institutionalism

Social Institutions Gain New Significance in Economics

The Great Economic Thinkers Series
By Dr. William Peterson, Israel Kirzner, Mike Hassell & William Peterson
Narrated by Louis Rukeyser / 2 hours 33 minutes

Institutionalism is an economic point of view that emphasizes the role of social organization and structure in modern economic life. Thorstein Veblen (1857–1929), an American son of Norwegian immigrants, was instrumental in creating this school of thought in the early twentieth century, and he vigorously attacked what he regarded as the privileged “leisure class” in America.

To institutionalists, the important “institutions” of economic life include customs, habits, morals, and laws. These are believed to be more important in shaping economic life than are marketplace principles. Institutionalists emphasize a historical interpretation of social life, asserting that economic generalizations should be relevant to time and place. Institutionalist ideas greatly influenced economic policies that were created in response to the Great Depression.

The Great Economic Thinkers series is a collection of presentations that explain, in understandable language, the major ideas of history’s most important economists. Special emphasis is placed on each thinker’s attitude toward capitalism, revealing their influence in today’s debate on economic progress and prosperity.

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The Great Economic Thinkers Series Series

Karl Marx: Das Kapital
Karl Marx: Das Kapital
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The German Historical School of Economics
The German Historical School of Economics
Dr. Nicholas Balabkins, Israel Kirzner, Mike Hassell & Nicholas Balabkins
Frank Knight and the Chicago School
Frank Knight and the Chicago School
Dr. Arthur M. Diamond, Jr., Israel Kirzner, Mike Hassell & Arthur M. Diamond
The Classical Economists
The Classical Economists
Dr. E. G. West, Israel Kirzner, Mike Hassell & E. G. West
The Austrian Case for the Free Market Process
The Austrian Case for the Free Market Process
Dr. William Peterson, Israel Kirzner, Mike Hassell & William Peterson
Monetarism and Supply Side Economics
Monetarism and Supply Side Economics
Dr. Arjo Klamer, Alan Reynolds, Israel Kirzner, Mike Hassell & Arjo Klamer
Alfred Marshall and Neoclassicism
Alfred Marshall and Neoclassicism
Dr. Robert Hu00e9bert, Israel Kirzner, Mike Hassell & Robert Hébert
Early Austrian Economics
Early Austrian Economics
Dr. Israel Kirzner, Mike Hassell & Israel Kirzner
Joseph Schumpeter and Dynamic Economic Change
Joseph Schumpeter and Dynamic Economic Change
Dr. Laurence S. Moss, Israel Kirzner, Mike Hassell & Laurence S. Moss
Struggle over the Keynesian Heritage
Struggle over the Keynesian Heritage
Dr. Paul Davidson, Israel Kirzner, Mike Hassell & Paul Davidson
Thorstein Veblen and Institutionalism
Thorstein Veblen and Institutionalism
Dr. William Peterson, Israel Kirzner, Mike Hassell & William Peterson
The Vision of Léon Walras
The Vision of Léon Walras
Dr. Donald Walker, Israel Kirzner, Mike Hassell & Donald Walker
The Keynesian Revolution
The Keynesian Revolution
Israel Kirzner, Dr. Frank Vorhies, Frank Vorhies, Mike Hassell & Fred Glahe

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