The Engineers and the Price System

In 'The Engineers and the Price System' by Thorstein Veblen, the author provides a critical analysis of the role of engineers in the capitalist economy and the influence of the price system on their work. Veblen's writing style is academic and sophisticated, drawing on economic theory, sociology, and history to explore the relationship between technological advancement and economic structures. The book sheds light on how engineers navigate the complexities of a profit-driven market and the impact of industrialization on society at large. Veblen's perspective offers a unique insight into the intersections of technology, economics, and social class during the early 20th century. His work is a significant contribution to the fields of economics and engineering, offering a thought-provoking examination of the challenges faced by professionals in a market-driven world. 'The Engineers and the Price System' is a must-read for anyone interested in the intersection of technology and economics, providing valuable insights into the dynamics of industrial society.

Thorstein Bunde Veblen was an astute and insightful American economist and sociologist, renowned for his groundbreaking analysis of economic institutions and his contemplations on the social order. Born on July 30, 1857, in Wisconsin to Norwegian-American parents, Veblen grew to be a pivotal figure in what would later be called institutional economics. Educated at Carleton College and later at Johns Hopkins University, he completed his PhD at Yale University in 1884. Veblen's intellectual endeavors explored the intricate intersections between the economy, society, and technology. Among his numerous publications, 'The Engineers and the Price System', written in 1921, stands as a significant text that deliberates on the role of engineers in reordering the economic system that was dominated by business interests to the detriment of technical efficiency and social welfare. Veblen, through his literary works, offered piercing critiques of capitalism and coined terms like 'conspicuous consumption,' which remains relevant in sociological and economic discourses today. His seminal book, 'The Theory of the Leisure Class' (1899), further exemplifies his sharp analysis of the societal classes and their consumptive behaviors. Veblen's profound insights continue to be reflected in contemporary discussions of economic thought and class structure. He passed away on August 3, 1929, leaving behind a legacy that firmly situates him as a critical thinker of the Progressive Era and a leading light in the annals of economic sociology.