Professor John Hall
Journal of Economic Literature Classification Codes
B13, B15, B31
Instincts, Institutions, Neoclassical Economics, Thorstein Veblen, Veblenian Economics
This inquiry seeks to establish that in his writings, Thorstein Veblen offers a comprehensive and insightful contribution towards an understanding of instincts. Instincts can be viewed self-regarding and thought to promote the survival of the individual. Other instincts can be classified as group-regarding and contribute towards the continuation of society. Instincts can lead to the formation of habits and to combine to create societal institutions that govern human behavior. With the passage of time, instincts, habits, and institutions are thought to contribute to economic and societal evolution.
Murray, Duane "Towards a Veblenian Theory of Instincts, Working Paper No. 43", Portland State University Economics Working Papers. 43. (15 March 2020) i + 14 pages.