Who is considered the father of institutional economics?
John Maynard Keynes
Milton Friedman
Thorstein Veblen
David Ricardo
Answer
Thorstein Veblen (1857–1929) is considered the father of institutional economics. He rejected the idea that economics is a natural science, and instead argued that it is a social science. Veblen believed that the economy is shaped by social institutions, such as the family, the church, and the government. He also argued that the economy is shaped by cultural values, such as the desire for wealth and status.
The Veblen Vibrancy: A Quiz on Thorstein Veblen's Life and Ideas
Related Quizzes
Subscribe Now!
Learn something
new everyday
Playing quizzes is free! We send 1 quiz every week to your inbox