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yessir posted on Tue, Oct 27 2009 9:45 PM

Hey guys,


Im doing some readings on Veblen, specifically on 'strategic sabotage'. Do you guys know any more about this. It is hard to think about it since it's so different from other theories ( ithink). It basically comes down equating capital to power.

He makes a distinction between industry and business. Where industry = creative production and business is concerned about money.

Does anyone know of any analysis on his work, especially by austrian economist if possible?

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Veblen was an institutionalist, sometimes seen as the father of this approach. American institutionalism is somewhat similar to the German (Prussian) historical school. Veblen took a anthropological or sociological approach to economics. He also looked into power relations and vested interest. I agree with him that capital concentration and networking of businesses in certain markets do have some parapolitical traits to them. And let's face it, large corporations are run like states with rewards, penalties and even punishment. They and their networks also interact with the state and influence policy through lobbying. Through there bureaucracies they can interact with the state of even or superior footing. 

Yes, Austrian economists have taken a look at Institutionalism. Boettke is a recent example. And I think Roepke and von Wieser tried to integrate this approach. Mises touched on it in his later works like "theory and history". In earlier works it seems he dismissed a bit the importance of culture, proclivity, class, social position and power relation considering only the individual actor or market participant and the state who is supposed to only act by force and arbitration via either decree or legislation. 

Coming back to Boettke here are some of his writings:
Let me know, if you struggle to download this. And there should be more on the net. 

Anyway here is another source:
The ssrn page does however have a search function that may help. 

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