[R-G] [BillTottenWeblog] Veblen in Plain English

[Bill Totten]

A Complete Introduction to Thorstein Veblen's Economics

by Daniel A Underwood

Journal of Economic Issues (March 2007)


Veblen in Plain English: A Complete Introduction to Thorstein Veblen's
Economics, by Ken McCormick. Youngstown, New York: Cambria Press. 2006.
Paper: ISBN 0 977 3567 6 0, $24.95. 144 pages.


Once in a great while one is asked to review a book that is actually a
pleasure to read, and Ken McCormick's Veblen in Plain English is such a
book! Direct, lucid and succinct, the 144 pages succeed marvelously in
presenting a coherent presentation of Veblen's system of thought. In so
doing McCormick has accomplished what I heretofore thought impossible:
present the complexity of Veblen's thinking in a form accessible to
introductory students. He does this without compromising the totality of
Veblen's vision. As a result, the reader will finish with a thorough
understanding of how to apply Veblen's analysis to interpret their
world. "How" you might ask? Allow me to explain.

The secret to McCormick's approach is two fold. First is the
compartmentalization of Veblen's writing around four modes of analytical
inquiry: Instincts and Institutions, Technology and Social Evolution,
Capital and Business Enterprise, and Consumer Behavior. Second, he
logically organizes, presents and builds Veblen's evolutionary analysis
keeping in mind his audience. Crucial to his approach is the disregard
of the historicity of appearance in favor of the logical sequence of
ideas. Thus, we work toward the Theory of the Leisure Class rather than
from it, and the student is able to quickly savvy the institutional
forces shaping consumptive behavior after a thorough introduction to the
role instincts play in shaping social evolution.

Another reason for McCormick's elucidative success is the orderly
development of ideas. He begins each unit with clear succinct
definitions that logically and orderly present Veblen's essential modes
of intellectual inquiry. For instance, we see "instincts as 'the innate
and persistent propensities of human nature'", and "institutions are
habitual methods of carrying on the life process of the community".
Equipped with clear definitions, he goes on to present the dichotomies
of Veblen's analysis and their application to interpret not only the
inhibitory forces of habitual behavior, but the role of technology -
"matter-of-fact, cause-and-effect thinking" - in perturbing outmoded
avenues of thought. On the way, the reader receives an inviting sample
of "Veblenian" passages, not only to provide evidence for
interpretation, but also to illuminate Veblen's thought process. And all
the while McCormick brings these ideas to the reader by creating
relevance with their world, be it religion as a habit of thought in
legitimating the use of technology, or how absentee ownership has made
possible executive compensation over 400 times greater than the average
worker. Even better perhaps, is his treatment of the parasitic nature of
modern marketing, a theme, process and outcome every undergraduate is
all too familiar with! These are themes that resonate with todays
undergraduate and, in so doing, make the appropriateness of Veblen's
analysis timeless.

Of course, Veblen in Plain English is not beyond critique. While these
are few, I share them in hope the next edition is even better. To begin,
the first message the reader receives is an apologetic: "scholars
disagree about the significance of [Veblen's] work". While yes, scholars
do disagree, this is a book for students and laypeople, an audience who
cares little for the diatribes of scholars. Better to begin "Thorstein
Veblen is one of America's most original thinkers, whose analysis
penetrates the essence of our cultural existence". Second, the
Introduction contrasts an evolutionary approach with one of general
equilibrium. This scholastic nuance will be unintelligible to an
introductory student and certainly to the layperson. Indeed, there is a
danger the book will be closed at this point and the intellectual
excitement that soon follows missed. This material could easily be
relegated to the final chapter where Veblen's analysis is contrasted
with mainstream views. A book like this should begin with excitement,
not scholasticism. An introduction that illustrates how Veblen's
thinking will help the student better understand their world is more
likely to stimulate further interest.

But that's it, my only criticisms - and minor at that - of this
marvelous book. Had time permitted, I would have invited a number of
students to participate in this review process, for; ultimately, they
will be the ultimate test of Veblen in Plain English. So alas, that
review won't be forthcoming until next quarter. And that it will is my
strongest recommendation for this book!

Copyright 2007 Association for Evolutionary Economics

Copyright 2008 Gale, Cengage Learning

http://findarticles.com/p/articles/mi_qa5437/is_1_41/ai_n29325878


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