December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Society and the economy
KEY THINKER
Thorstein Veblen (1857–1929)
BEFORE
1848 British philosopher John Stuart Mill’s theory of political economy assumes that utility (satisfaction) lies at the heart of economics.
1890 British economist Alfred Marshall moves the focus of economics away from markets and towards the study of behavior.
AFTER
1940 Hungarian economist Karl Polanyi argues that economic behavior is rooted in society and culture.
2010 US economist Nathan Pettit says that “conspicuous consumption” and the resulting debt played a key role in crippling global financial markets in 2008.
The US economist Thorstein Veblen was the first ...
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