#veblen — Public Fediverse posts

@evan This reminds me of capitalism as industry vs business or innovation vs sabotage. We are definitely in the sabotage phase of capitalism.
#veblen

@evan This reminds me of capitalism as industry vs business or innovation vs sabotage. We are definitely in the sabotage phase of capitalism.
#veblen

"the businessmen who own everything have employed themselves in the economically unproductive practices of conspicuous consumption and conspicuous leisure, which are useless activities that contribute neither to the economy nor to the material production of useful goods and services. Instead, the middle and working classes support the whole of society"
https://en.wikipedia.org/wiki/The_Theory_of_the_Leisure_Class
--
#Veblen #economics #HistoryOfEconomicThought #inequality #y1899

"the businessmen who own everything have employed themselves in the economically unproductive practices of conspicuous consumption and conspicuous leisure, which are useless activities that contribute neither to the economy nor to the material production of useful goods and services. Instead, the middle and working classes support the whole of society"
https://en.wikipedia.org/wiki/The_Theory_of_the_Leisure_Class
--
#Veblen #economics #HistoryOfEconomicThought #inequality #y1899

3/ Now if you're asked "what does media produce" you might answer something like content or information or messages or entertainment.

This is understandable. This is what it looks like they do. You're forgiven if you thought that's how it worked

This is the trad, orthodox, "idealist" POV.

This is held by everyone from #Galbraith to #Marx to #veblen to #mcluhan

So there's a lot of press on this idea.

Smythe's argument is that it misses the point.

3/ Now if you're asked "what does media produce" you might answer something like content or information or messages or entertainment.

This is understandable. This is what it looks like they do. You're forgiven if you thought that's how it worked

This is the trad, orthodox, "idealist" POV.

This is held by everyone from #Galbraith to #Marx to #veblen to #mcluhan

So there's a lot of press on this idea.

Smythe's argument is that it misses the point.

@HeavenlyPossum

I am not an economist but as far as I know, Marx already distinguished "industrial capitalism" from "finance capitalism". https://en.wikipedia.org/wiki/Finance_capitalism

#Veblen seems to have developed this distrinction further.

Gottfried Feder, the original Nazi party's chief economist, also liked to distinguish between "schaffendes Kapital" and "raffendes Kapital", creating a basis for #Strasserism and #Hitlerism.

https://en.wikipedia.org/wiki/Strasserism

I wonder how we can use this distinction now without falling into the abyss that is antisemitism.

Everyone that wants to get into distracting arguments about #Marx, #Lenin, #Veblen, #Adams, #Ricardo etc. etc. blah blah blah to demonstrate their scholastic bona fides

vs.

Me

#Organize #FightBack #Labor #SeaLions #Trolls #Pedants

Everyone that wants to get into distracting arguments about #Marx, #Lenin, #Veblen, #Adams, #Ricardo etc. etc. blah blah blah to demonstrate their scholastic bona fides

vs.

Me

#Organize #FightBack #Labor #SeaLions #Trolls #Pedants

Phrase of the day:
"Trained incapacity"

In #sociology, trained #incapacity is "that state of affairs in which one's abilities function as inadequacies or blind spots."

https://en.wikipedia.org/wiki/Thorstein_Veblen#Trained_incapacity

#Thorstein #Veblen

@Y2K @rbreich

'Representative government means, chiefly, representation of business interests.' - Thorstein #Veblen, The Theory of Business Enterprise, 1904.

Hence my preference for #directdemocracy.

If you'd like to learn about famous #economists, we've got #podcasts on all of these:

#Smith
#Marx
#Ricardo
#Keynes
#Hayek
#Friedman
#Pigou
#Ostrom
#Robinson
#Malthus
#Khaldun
#Kahneman
#Fawcett
#Schumacher
#Schumpeter
#Sen
#DeSolo
#Yunus
#Duflo
#Phillips
#Gini
#NashJr
#Lewis
#Buchanan
#Kuznets
#Marshall
#Veblen

With more to come... #econtwitter

https://open.spotify.com/show/44pI1bcAKbrA2fLZpwJF4X#:~:text=In%20this%20podcast%20from%20your,poem%20that%20ends%20the%20episode!

If you'd like to learn about famous #economists, we've got #podcasts on all of these:

#Smith
#Marx
#Ricardo
#Keynes
#Hayek
#Friedman
#Pigou
#Ostrom
#Robinson
#Malthus
#Khaldun
#Kahneman
#Fawcett
#Schumacher
#Schumpeter
#Sen
#DeSolo
#Yunus
#Duflo
#Phillips
#Gini
#NashJr
#Lewis
#Buchanan
#Kuznets
#Marshall
#Veblen

With more to come... #econtwitter

https://open.spotify.com/show/44pI1bcAKbrA2fLZpwJF4X#:~:text=In%20this%20podcast%20from%20your,poem%20that%20ends%20the%20episode!

Here's a fun talk I have a few months ago on "Encrypting tulips in the modern prestige economy: Blockchain, cryptocurrency, NFTs, and dystopianism"

https://youtu.be/vA1b6wUpaNw

#cryptocurrancies #nft #dystopic #economics #veblen #deadmoney