What is Veblen's role in institutional economics?
He dismissed it as impractical
He is considered its founding father
He contributed but did not pioneer it
He criticized it without offering improvements
Answer
Thorstein Veblen is considered the founding father of institutional economics. He is known for his criticism of neoclassical economics, which he saw as too focused on mathematical models and not enough on real-world institutions. Veblen argued that institutions, such as the family, the church, and the government, play a major role in shaping economic behavior. He also believed that technology and cultural values have a significant impact on the economy.
The Veblen Vibrancy: A Quiz on Thorstein Veblen's Life and Ideas
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