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FOR DECADES, Thorstein Veblen has been the greatest American thinker without a good biography. An unsparing critic of our last gilded age, he savaged the upper classes, from their manners to the economic theories that justified their wealth, while also offering an alternative view of how the economy ought to work, and for whom.
After his death, Veblen quickly fell out of intellectual fashion. His foes among the conservative economists — marginalists and members of the Austrian School — won the field, and arguably still hold it. Cold War liberal sociologists, including David Riesman, Daniel Bell, and Talcott Parsons, dismissed him as a utopian socialist. The Marxist Theodor Adorno thought him too much of a technocratic pragmatist to be a real revolutionary. He is known today, if at all, as a dyspeptic outsider with a scandalous sex life, who also coined a few neat phrases like “conspicuous consumption” and “the leisure class.”
Charles Camic’s new biography, Veblen: The Making of an Economist Who Unmade Economics, presents Veblen differently — as an academic insider, deeply involved in academic institutions and scholarly debates. In order to make his case, Camic devotes at least as much time to Veblen’s colleagues as he does to the man himself, and the book might be best read as a group biography of Veblen and his mentors, a portrait of American economics as a young science. Yoga Zen As Fuck Poster
Veblen’s ideas and life are worth recalling, especially now. During his lifetime (1857–1929), he had a front-row seat as the American economy took something like its current form, evolving from an agrarian into an industrial and eventually a financialized economy. The economic theories that rose to prominence during his lifetime still reign in ours. At every step, Veblen pointed out their oversights and absurdities. He also imagined a different economy, one rooted in his family life and education on the Minnesota prairie.
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