|
|
into consciousness of their artificialities, he stays a mysterious figure, coming from a dim half-alien world to show the wonder of what we cannot see because it is so commonplace.”PF1Such was the man whose economics are here interpreted.
Professor Ken McCormick’s study of Veblen’s economics is intended for the student and the non-specialist. Veblen’s significant ideas about economists, economics and the economy are presented so as to illuminate his distinctions between business and industry, that is, making money versus making socially useful goods. McCormick also focuses on emulatory versus instrumental consumption or the use of status enhancing goods as opposed to commodities that increase our biological and adaptive well being. And to what ends should the economy be geared? To what Veblen calls the “generic ends of life” — the expansion of “altruism” or other-regardingness, “idle curiosity” or critical intelligence, and proficiency of “workmanship” — taking pains with work and pride arising out of craftsmanship as both a socially and self-fulfilling process.
He emphasized the social nature of wealth production as opposed to private claims on the social product, equalitarian distribution instead of elitist demands for privileged access to goods and services; all of the above are an integral part of what Veblen hoped would be a movement in the direction of an “industrial republic.” Veblen also supported avoidance of waste through full utilization of the industrial plant and labor force. This was to be accompanied by a decline in conspicuous display, invidious dissipation of resources in religious superstition, sports and gambling, competitive rivalry and honorific prowess. As should now be evident, Veblen’s jargon suggests the need to keep a dictionary close at hand, but the student and