Why did Veblen critique neoclassical economics?
My critique stemmed from a belief that neoclassical economics, with its focus on static equilibrium and rational economic man, failed to capture the dynamic and evolutionary nature of economic and social processes. I argued that economic behavior is deeply embedded within social institutions and shaped by habit, custom, and evolving human propensities. This institutional perspective, I believed, offered a more realistic understanding of how economies actually function and change.
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