Veblen and the New Growth Theory
Community as the Source of Capital's Productivity
Bibliographic Data
| ID | 9256098 |
|---|---|
| Authors | Ken Mccormick (University of Northern Iowa, corresponding author) |
| Year | 2002 |
| Volume | 60 |
| Issue | 2 |
| Pages | 263-277 |
| Publication date | 2002-06-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Review of Social Economy (JOURNAL) |
| Journal identifiers | ISSN: 0034-6764 • E-ISSN: 1470-1162 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/00346760210146596 |
| OpenAlex | W1969334908 |
| Language | EN |
| Citations received | 5 |
| References cited | 26 |
A century ago Thorstein Veblen argued that knowledge, which is produced and possessed by the community as a whole, is the foundation on which the productivity of "capital" rests. Orthodox economists chose to ignore Veblen and instead accepted John Bates Clark's definition of capital and the marginal productivity theory that goes with it. Recently, however, mainstream economists working on the "New Growth Theory" have rejected Clark's approach and have redefined capital so as to emphasize the importance of knowledge as well as its social character. Nevertheless, they still have an important lesson to learn from Veblen about growth, namely that technological development is nothing less than a process of cultural transformation
BATES · Capital (architecture) · Economic growth · Economics · Mainstream · Neoclassical economics · Political science · Positive economics · Productivity · Social capital · Social science · Sociology · Veblen good · Economic Growth and Productivity · Economic Theory and Institutions · Economic Theory and Policy · Law
The Growth of Nations
On the mechanics of economic development
An Inquiry into the Nature and Causes of the Wealth of Nations
Imperial Germany and the Industrial Revolution
The Neoclassical Theory of Production and Distribution
The Positive Theory of Capital and Its Critics
The Instinct of Workmanship, by Thorstein Veblen
Increasing Returns and Long-Run Growth
Endogenous Technological Change
Catching Up, Forging Ahead, and Falling Behind
The Neoclassical Theory of Production and Distribution
A Contribution to the Theory of Economic Growth
Why is economics not an evolutionary science?1
Endogenous Innovation in the Theory of Growth
The Origins of Endogenous Growth
| Citations per year | 0.25 |
|---|---|
| Citation span | 2006 - 2012 (7) |
| Highly cited | No |