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Cambridge Journal of Economics Advance Access published online on August 17, 2009
Cambridge Journal of Economics, doi:10.1093/cje/bep047
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Veblen on the machine process and technological change

John Latsis*

* Balliol College, Oxford University

Address for correspondence: Balliol College, Oxford University, Oxford OX1 3BJ, UK; email: john.latsis{at}balliol.ox.ac.uk

This paper explores Veblen's analysis of technological change. I claim that, rather than succumbing to the traditional criticisms, his approach founders due to his failure to fully articulate a social ontology. Whilst Veblen's analysis of his own time remains in many ways compelling, this failure creates a gap between meta-theoretical promise and current theoretical results. I show how work in the social studies of technology has successfully avoided the ontological problems associated with Veblenian economics. This success is tempered by the fact that the field has not yet provided an appropriate framework to systematise the ways in which technical innovations transform social relations in ways that are beyond conscious control and manipulation.

Key Words: Veblen • Technology • Actor network theory • Social construction of technology • Institutionalism

JEL classifications: B3, B4

Manuscript received November 29, 2007; final version received May 1, 2009.


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