01:220:301 Lecture Notes - Lecture 14: Walking Stick, Epigram, High-Heeled Footwear
Document Summary
Thorstein veblen: did not want a grave. Historical background: economy growing rapidly, stock market soaring, 2nd industrial revolution. James buchanan duke: cigarettes: milton hersey: chocolate, henry ford: grandfather of ford mortor company, derogatory word for business men that use unethical methods etc. Inventors: alexander graham bell: telephone, thomas edison: lightbulb. The price of wheat since 1867 (1892: empirical research, growth of world markets, position of the american crop, technological change, student welsey clair mitchel national bureau of economic research. Instinct for workmanship -- need scientific thinking, engineers good guy. Instinct for accumulation ceremonial thinking, business men, bad guys: leisure class: rich businessmen, robber barons. Marx: no! economy~ ancient viking society, women and artisans do the work, war lords on top plunder and display wealth. Upward sloping demand curves: veblen goods, reflects consumer preferences, diamond rings, price rises, commodity has more prestige, demand increases, giffen goods:
