How did Veblen feel about profit production?
He fully supported it
He advocated its increase
He attacked it
He wanted it regulated by government
Answer
Veblen believed that the profit motive is a major cause of inefficiency in the economy. He argued that businesses are constantly trying to find new ways to make a profit, even if it means producing goods that are not needed or that are harmful to society. He also believed that the profit motive leads to inequality and exploitation.
The Veblen Vibrancy: A Quiz on Thorstein Veblen's Life and Ideas
More Questions
When was "Theory of the Leisure Class" published?
What did Veblen's distinction between "institutions" and "technology" become known as?
Veblen’s work influenced economists who engaged in non-Marxist critiques of what?
Did Veblen’s ideas gain significant popularity during his lifetime?
What is Veblen's role in institutional economics?
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