Thorstein Veblen on the history of economic thought: Marshall, Clark, Schmoller, and Marx

This article explores Thorstein Veblen’s analyses of the history of economic thought, focusing on neoclassical, historicist, and Marxist contributions. It emphasizes understanding Veblen’s perspectives on Alfred Marshall, John B. Clark, Gustav Schmoller, and Karl Marx. Underpinning this analysis is the recognition that Veblen’s critical stance on economic theory is essential for comprehending his reflections on the development of this discipline. His interactions with other economists are multifaceted, blending critique and admiration, particularly in relation to Schmoller and Marx. Thus, this study seeks to synthesize Veblen’s perceptions in an organized manner, highlighting how his broad view of economic thought aligns with his theoretical contributions as one of the founders of original institutionalism.

JEL: B10, B15, B25, B41.

Keywords:
Veblen, Thorstein (1857-1929); History of economic thought; Epistemology; Economic theory