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The fact that Veblen was a keen critic of the neo-classical concept of “economic man” is well known. However, the following issues have not been discussed in enough depth: how he rebuilt the traditional theory of human nature through his new methodology of economics, how much his methodological revision broadened the scope of economics, and what kind of phenomena Veblen’s economic theory elucidates. This article examines these issues and aims to show the logical connection between Veblen’s controversial proposal on the methodology of economics and his analysis of economic phenomena. Specifically, it reconsiders Veblen’s analysis of economic action using a unique concept of instincts, his logic of explaining the relation between society and human nature, his way of drawing history from the relativistic worldview, and his characteristic method of grasping the cause and effect of economic phenomena. Finally, it highlights the importance of modifying the concept of “economic man” by focusing on the qualitative aspect. Particular reference is made to the economic concepts of utility, efficiency, and intangibility.

Thorstein Veblen on economic man: toward a new method of describing human nature, society, and history