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ANDIEZ Yoga Books Give A Soul to The Universe Wings to The Mind Poster

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ANDIEZ Yoga Books Give A Soul to The Universe Wings to The Mind Poster

In the final phase of his career, Veblen left conventional academia. He published The Higher Learning in America on his way out the door (1918), worked for the US Food Administration, moved to New York City to edit the intellectual journal The Dial, and later took a position at The New School for Social Research.

While he was at The New School, Veblen published The Engineers and the Price System (1921). Here he got prescriptive. Reiterating an argument from The Theory of Business Enterprise, he pointed out that factories often ran “not to the working capacity of the available resources, equipment and man power, nor to the community’s need of consumable goods.” They aimed first at profitability, not productivity. Wouldn’t it be better, asked Veblen, if the engineers who actually designed and ran the factory could seize control and maximize output, creating jobs for the jobless and cheap goods for the public? In short, a “Soviet of Technicians” should replace the “captains of solvency” and run the economy on the basis of “tangible benefit to the community at large.” ANDIEZ Yoga Books Give A Soul to The Universe Wings to The Mind Poster

Taken as a whole, Veblen’s corpus represents a road not taken both in American economic theory and in the American economy. Although he briefly inspired a movement called “institutional economics,” Veblen and his ideas lost out to marginalism. The American economy is now almost the exact opposite of everything Veblen hoped for. He wanted to give the widest possible latitude to idle curiosity, workmanship, and production — all in service of “the community at large.” Instead, we have an economy based on consumption, private gain, financial prestidigitation, and “pecuniary emulation.”

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As a book about how Veblen fits into the history of American economics, this biography is fantastic. It will also leave some readers wanting more. Camic’s main narrative ends when Veblen is only 50 years old, and he has little to say about Veblen’s romantic or family life, summing up love affairs, marriages, divorces, and deaths in a few pages here or there (one interviewer asked Camic, “Next time, will you leaven the disciplinary details with more stuff from your subject’s sex life?”). Camic seems to anticipate some disappointment. “Depending on what a twenty-first-century-reader wants to learn about Veblen’s life and ideas,” he admits, “my neglect of [personal and non-economic] topics is more or less serious.” (The present reviewer, himself a would-be Veblen biographer, was a little relieved.)

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