Abstract:Thorstein Veblen was a founding father of the original institutional economics. Veblen’s first book, The Theory of the Leisure Class (1899), introduced to economists an interdisciplinary perspective to understand consumers’ decision-making. This perspective relied on the processual nature of instincts, habits, and institutions. Veblen’s ideas on human behavior were not completely original, and it has been widely recognized that some of his insights clearly reference the teachings of the American pragmatic scho… Show more
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