the Engineers and Price System

Bol

Thorstein Veblen's "The Engineers and the Price System" presents an incisive critique of the capitalist economic structure, highlighting the conflicting roles of engineers and industrialists. Through a combination of rigorous economic analysis and a unique sociological perspective, Veblen employs a distinctively analytical literary style to explore how the priorities of engineers, who emphasize efficiency and innovation, clash with the profit-driven motives of the market system. This tension reveals broader implications for modern industry and reflects Veblen's concerns regarding the detrimental impact of predatory capitalism on technological advancement and societal welfare. Veblen, a pioneering figure in the field of institutional economics, was profoundly influenced by his observations of industrial society at the turn of the 20th century. His background in sociology and economics allowed him to dissect the intricacies of social behavior and economic practices, providing valuable insights into the motivations that drive both engineers and capitalists. Veblen's earlier works, such as "The Theory of the Leisure Class," set the stage for this profound exploration of the intersections between technology, engineering, and economic systems. This book is highly recommended for readers interested in economic theory, sociology, and the ongoing dialogue surrounding technological progress in a capitalist society. Veblen's thought-provoking arguments urge readers to reconsider the alignment of technological capabilities with market demands, making "The Engineers and the Price System" an essential read for anyone looking to grasp the complexities of modern industrial life.

Bol Partner

In his The Engineers and the Price System, originally published in 1921, Veblen observes that World War One demanded industrial innovations, and he was among the first to predict the need for changes in managerial struc-ture. Veblen saw that industrial output was more dependent upon techno-crats-managers and capital innova-tors-than financiers.In The Engineers and the Price System, Veblen applies economic theory to modern industrial society. He demon-strates that revolutionary change can be advanced by managers and engi-neers upon whose brains and skills the state of industrial arts depends.In his uniquely comprehensive in-troduction, Daniel Bell discusses the associations and attitudes which mark Veblen as the prophetic outsider he remained most of his life.