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American Economist Thorstein Veblen

Although described as a prophet, a genius, and the greatest American economist, Thorstein Veblen was an enigma to many of his contemporaries. Veblen confronted culture and challenged authority with his theories and with his lifestyle. He established a branch of economic theory that endures to this day.

Veblen's childhood was instrumental in shaping much of his philosophy later in life. Born in Wisconsin in 1857, Veblen spent much of his life in cultural isolation on his family's farm. Both parents were Norwegian immigrants whose lifestyle was based on the patterns of their rural homes in Norway. The Veblen family's neighbors were likewise of Scandinavian origin, and young Veblen had little contact with the English-speaking world. Essentially, Veblen "grew up as a Norwegian" (Seckler, 1975, p. 24).

When Veblen was 8, the family moved to a farming community in Minnesota that was even more intensely Norwegian than his birthplace in Wisconsin. The main contact that the Norwegian community had with the outside world was, unfortunately, in the form of unprincipled merchants, swindlers, and land speculators. They preyed on the naivete of the immigrant population: "In Minnesota the Veblens encountered similar troubles with land speculators and money lenders" (Diggins, 1978, p. 34). The immigrants held little hope of retribution through the legal system because few of them were well acquainted enough with the law to seek remedies.

At 17, Veblen was sent to nearby Carleton College Academy. His father hoped that the younger Veblen would study for the Lutheran ministry. At Carleton, the curriculum was heavily weighted toward religion, moral philosophy, and the classics, with little emphasis given to scientific teaching. The political economy taught at Carleton conformed to the following common-sense doctrine: "Man has not only the right to life and liberty, but also to property, or the possession and enjoyment of whateve...

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American Economist Thorstein Veblen. (1969, December 31). In LotsofEssays.com. Retrieved 07:21, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1692531.html