Heterodox Economists: Thorstein Veblen

In this 200th episode of Ones and Tooze, Cameron Abadi and Adam Tooze delve into the life and economic theories of Thorstein Veblen, an American economist born in 1857. They explore how Veblen's biography, particularly his upbringing in a Norwegian enclave and the evolving academic landscape of the 19th century, shaped his heterodox ideas. The discussion covers Veblen's concept of conspicuous consumption, his anthropological framework, and his distinction between productive and pecuniary activities. They also touch on Veblen's vision for encouraging useful investment, his critique of American universities, and his relevance to contemporary economic thought, comparing him to figures like Keynes and Hobson.