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Cambridge Journal of Economics Advance Access published online on January 18, 2009
Cambridge Journal of Economics, doi:10.1093/cje/ben061
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Socio-economic evolution and Darwinism in Thorstein Veblen: a critical appraisal

George Liagouras*

* University of the Aegean, Greece

Address for correspondence: George Liagouras, 27 Ventouri Street, 15561, Holargos, Greece; email: g.liagouras{at}fme.aegean.gr

The paper questions the idea that a biology-based perspective, and more specifically Darwinian population thinking, constitutes a real alternative for the study of the evolution of social systems. This is done through a critical appraisal of the work of Thorstein Veblen. Even though Veblen's account of the evolution of humankind makes the notion of natural selection practically redundant, his remaining attachment to Darwinism created two other serious tensions for him. First, his attachment to the Darwinian scheme of ‘descent with modification’ kept him from devising a systematic theory of the different socio-economic systems he studied. This shortcoming is more evident in his analysis of capitalism, which not only lacks an elaborated theory but also contradicts his initial evolutionary programme. Second, by postulating that human history is a question of cultural change, Veblen was tempted to conflate social structures, institutions and habits of thought.

Key Words: Evolution • Thorstein Veblen • Darwinism • Institutions • Social structures

JEL classifications: B52, B41, B15, P10

Manuscript received July 9, 2007; final version received September 24, 2008.


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