Neoclassical Economic Theories

(a) Neoclassical economic theories were based on the asusmption that people are rational. Did Thorstein Veblen have a favorable view of such theories? Explain.

To Thorstein Veblen (1909), probably the most well known of the institutionalist economists, the characterization by orthodox economics of human behavior as a manifestation of a rational calculation of benefits and costs was ludicrous. Institutionalist thought, thus, emphasized the dominant role of institutional phenomena in the determination of economic outcomes. An assessment of a facet of economic performance such as unemploymen

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