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ANDIEZ Yoga Books Give A Soul to The Universe Wings to The Mind Poster

The real puzzle, though, was how they got away with it. How did men “employed otherwise than in useful effort” have so much money? Veblen’s answer was that, whereas the primitive leisure class had taken what it wanted by force, the industrial leisure class now relied on “chicane,” “fraud and prudence.” Especially important were “pecuniary institutions,” such as bankruptcy law and receiverships, limited liability, banking and currency — all of which ensured "peaceable and orderly exploitation.” The marginalists, Camic informs us, preferred to imagine that the rich were creative entrepreneurs and brilliant “captains of industry.” Borrowing a biblical (and agricultural) image, Veblen disagreed. More often than not, members of the leisure class “reap where they have not strewn.” ANDIEZ Yoga Books Give A Soul to The Universe Wings to The Mind Poster

Reaction to the book was mixed. The famous critic and novelist William Dean Howells introduced Veblen to a wide audience, praising the book as a sharp satire of the aristocracy. The marginalists, however, were not amused. One called it “vicious,” and the Harvard economist John Cummings wrote a 30-page rebuttal (published by Veblen in the JPE) disputing Veblen’s distinction between useful industrial labor and wasteful “pecuniary activities” (i.E., investments and banking). Not only did the industrialist work hard, Cummings maintained, but his was labor “of a higher order.” Veblen conceded that he could have defined the difference between productive and unproductive labor more clearly.

That was the goal of his next book, The Theory of Business Enterprise (1904). While admitting that many businessmen spend long hours at their offices, Veblen still launches what Camic calls “a three-pronged” assault on the marginalists’ “productivity theory of distribution.” First, Veblen further defined the difference between “industrial” and “pecuniary” (or financial) employment; the former, wrote Veblen, directly supplies “the needs or the conveniences of the community at large,” whereas the latter “are lucrative without necessarily being serviceable.” Second, the marginalists were stuck in Adam Smith’s world, where the factory owner was usually the inventor of whatever the factory produced. In Veblen’s day, profits were increasingly coming from the “credit economy” and the “capital market.” But don’t the “captains of solvency” (as Veblen later dubbed them) allocate money efficiently, thereby boosting economic productivity? On the contrary, he replied in his third prong, they often entered “coalitions with other businessmen” to limit competition and reduce productivity in order keep prices (and profits) high. We get what we produce? In many cases, Clark and the other marginalists had it exactly backward.

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