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Veblen and the Political Economy of Technocracy: The Herald of Technological Revolution Developed an Ideology of ‘Scientific’ Collectivism
Author(s) -
Stabile Don R.
Publication year - 1987
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/j.1536-7150.1987.tb01756.x
Subject(s) - veblen good , ideology , technocracy , collectivism , politics , institutional economics , neoclassical economics , sociology , political economy , economics , social science , political science , individualism , law , market economy
A bstract . In the early 1900s, engineers the United States began developing their own analysis of the economy. Thorstein Veblen , in The Engineers and the Price System , gave a systematic treatment of that analysis. But Veblen's approach to political economy was broader than that of the engineers. His understanding of social change was based on a two‐part research program: First, recognize the institutional elements of social stability ; then identify an operative force with technological values that could foster change. When applied to the U.S. of his day, this research program resulted in Veblen's seeing a conflict between pecuniary and industrial values. Veblen believed that the triumph of industrial values was crucial for making society compatible with mass‐production technology. These values were held to by both engineers and industrial workers. Veblen's earlier works emphasized workers as being agents for social change; later he shifted his focus to engineers. In both cases he reacted to the social activism of each group.