ECON-100 FA4 Lecture Notes - Lecture 9: Sherman Antitrust Act, Thorstein Veblen, Conspicuous Consumption
12 Oct 2016
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Document Summary
Thorstein veblen addressed issues that were being ignored by economists in the late 19th century. Changes ignored by mainstream economists were: dramatic increase in industrial concentration, increase in business control of government. Theory of the leisure class- they want others to look upon them as someone valuable: this results in conspicuous consumption that does not meet needs but is there only to flash your worth (big cars, nice clothes) The problem with industrialization is that people could no longer see if you work hard. Theory of business enterprise and imperial germany of the industrial revolution- germany was technologically advanced and had economic/military strength but only had the values of a premodern society. Premodern was led by passion but postmodern is led by reason. Higher learning in america stomps out the curiosity in children, killing the joy of learning whereas in europe the education system was producing big thinkers .
