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At the turn of the twentieth century (1910), Veblen published an essay which explored the relationship between Christianity and capitalism by focusing on the interaction between the two institutions as they evolved. Veblen's analysis begins by detailing the evolution of Christianity prior to the age of industrialized capitalism, after which he explores the evolutionary interplay between the two. Just over ten years prior to the publication of this essay (1899), Veblen published the Theory of the Leisure Class while over ten years after the publication of the essay (1923), Veblen dissected the sales efforts of Christianity in a note titled "Salesmanship and the Churches." Nearly 100 years later, these three works together explain a modern and distinctly American religious movement—Prosperity Theology. This research argues that Prosperity Theology as practiced in the United States over the past nearly half century embodies and integrates all three of these works by Veblen and proposes the conceptual term "Veblenian Social Practice." [ABSTRACT FROM AUTHOR]

Thorstein Veblen’s theory of the business enterprise holds that business interests come to dominate industrial interests, with pecuniary returns being the dominant mindset under which economic activity is conducted. Under moneymanager capitalism, this is reflected in the increasing importance of profits from financial channels and the accumulation of intangible rent-generating assets to serve as the basis for capitalization — a process known as financialization. I examine this process of intangible asset accumulation within the context of the American pharmaceutical industry using Veblen’s theory of the business enterprise as a lens. I show that intangible assets have come to dominate productive capital on pharmaceutical enterprise balance sheets, suggesting that pharmaceutical profits are accumulated through rent-seeking channels rather than productive ones, in line with Veblen’s theory, and provide evidence of the financialization of this industry. [ABSTRACT FROM PUBLISHER]

Purpose The purpose of this paper is to develop an analysis of the improbable events of housing market bubbles occurring in a period when US and UK central bankers were responding to perceived risks of a new deflation.Design/methodology/approach The methodology focuses on how the anti-deflation policies implemented by the Federal Reserve and the Bank of England contributed to the housing market bubbles. The central bankers perceived the deflation as a Keynesian short-run deficiency in aggregate demand, triggered by a financial crisis. Indications are that the deflation is in the nature of long-run aggregate-supply-driven trend as explained in Veblen’s theory of “chronic” deflation driven by cost-reducing advances in technology and globalization.Findings The Keynesian anti-deflation policies of the Federal Reserve and Bank of England failed to counter the deflation risks while contributing to housing market bubbles. Moreover, the policies failed to address the structural problems of unemployment and income inequality associated with long-run aggregate supply deflation.Originality/value Effective policies must be based on a correct theoretical understanding of the problems. The chronic nature of the new deflation points to the need for new approaches to deal with the negative income and employment effects that exclude an increasing number from the housing markets. [ABSTRACT FROM AUTHOR]

In his 1919 article 'The Intellectual Pre-eminence of Jews in Modern Europe', Thorstein Veblen addressed the subject of Jewish intellectual creativity. Specifically, Veblen traced Jewish overrepresentation in the ranks of leading scientists and scholars back to their hyphenate status between their own community and gentile society. This essay has generally been neglected by Veblen scholars as puzzling or pointless in comparison with his preceding works, in which he developed his institutional-evolutionary economics. Moreover, the allegoric reading of Veblen's image of the 'renegade Jew' as a representation of his own social and academic marginalization has overshadowed the scientific relevance of his analysis of Jewish intellectual creativity. The present article attempts both to take this 1919 essay seriously and to place it firmly within the context of his preceding literary productions. Specifically, this essay shows how Veblen's view of Jewish intellectual creativity as the product of an enduring dynamic of Jewish-gentile relations is consistent with his ideas on the mechanism of development and reinforcement of institutions developed in his writings published between 1898 and 1914. The present chapter also suggests that Veblen reversed anti-Semitic arguments about the so-called 'Jewish type' in a pro-Semitic direction. In this respect, Edward Alsworth Ross's explanation of the supposed characteristics of the Jewish people is taken as one hallmark of the racial thought of the American Progressive Era. [ABSTRACT FROM AUTHOR]

The paper explores the way the work of classic institutionalist authors can inform modern nonprofit economics. From the Veblenian perspective, nonprofit organization is explained as an institutional consequence of the pecuniary-industrial dichotomy. The Ayresian theoretical system is used to highlight nonprofit organization as a particular form of the progressive weakening of the institution of private property in response to technological imperatives. Based on these arguments, the societal meaning of nonprofit organization is shown to be in realizing instrumental value that is unattainable through pecuniary ceremonial behavior embodied in the for-profit sector. At the same, in line with the Veblenian analysis of American universities, the ability of nonprofit firms to attain instrumental value is recognized as potentially limited by the corrupting effects of the embedding pecuniary culture. [ABSTRACT FROM AUTHOR]

In The Higher Learning in America, Veblen speculated on the prospects of the schools of commerce within the American university. Specifically he postulated that (a) instruction in the field of commercial training may all into a more rigidly drawn curriculum, that diverges from the ways of scientific inquiry (b) the college of commerce would divert funds from legitimate university uses, (c) create a bias hostile to scholarly and scientific work and (d) train graduates who would have better skills to predate on the community. The Higher Learning in America is an extension of his economics and was meant to be a warning about the cumulative effect of the conduct of universities by business principles. This paper summarizes the Veblenian approach used to question the legitimacy of the business school in the modern university. The goal is to promote a re-consideration of the role of the business school with respect to a Veblenian analysis. [ABSTRACT FROM AUTHOR]

Since the 1950s, the lifecycle hypothesis has been the dominant explanation for the 'inverse U' in household wealth accumulation. This paper advances an alternative explanation, rooted in the ideas of Veblen, that emphasises the role of lifestyle conformity: Because people tend to adopt lifestyles common to their social group and modify them in standard ways as they age, lifecycle norms impart a certain order to the accumulation of assets and liabilities, which enables people to 'do' lifecycle saving via habitual thinking. After laying out the argument conceptually, the paper provides empirical evidence on the role of conformity in lifecycle saving and discusses its contribution to the current low saving rate in the USA. [ABSTRACT FROM AUTHOR]