The Engineers and the Price System

The Engineers and the Price System examines the fundamental conflicts between industrial efficiency and market capitalism in early 20th century America. Through a series of essays originally published in The Dial magazine in 1919, Veblen presents his critique of the economic status quo. The text analyzes how business interests and financial systems often work against technological progress and industrial productivity. Veblen argues that engineers and technical experts, rather than businessmen and financiers, should control industrial production. The book explores concepts like planned obsolescence and artificial scarcity as tools used by business to maintain profits at the expense of maximum productive efficiency. The final chapter proposes a radical reorganization of industry under the leadership of technical experts. This influential work raises enduring questions about the relationship between technological capability and market economics, and the competing interests of financial profit versus industrial efficiency. Its ideas continue to resonate in discussions about technocracy and economic reform.

Readers view this as a complex critique of capitalism and industrial society that remains relevant but can be difficult to follow. Multiple reviews note Veblen's dense, academic writing style requires careful reading. Likes: - Analysis of how business interests can conflict with efficient production - Predictions about technocracy and industrial society that proved accurate - Insights into relationship between engineers and business management Dislikes: - Convoluted sentence structure and antiquated language - Repetitive arguments across chapters - Limited practical solutions offered - Some readers found it too theoretical Ratings: Goodreads: 3.9/5 (43 ratings) Amazon: 4.2/5 (12 ratings) Sample review: "Veblen's critique of business sabotage of industry is spot-on, but his writing style makes it a slog. Important ideas buried in ornate prose." - Goodreads reviewer Several readers recommended starting with Veblen's other works before tackling this one, noting it assumes familiarity with his earlier economic theories.

Capital in the Twenty-First Century by Thomas Piketty This economic analysis examines wealth concentration and financial systems through data-driven research that reveals patterns of technological and industrial control.

The New Industrial State by John Kenneth Galbraith This work explores the power dynamics between industrial enterprises, technical specialists, and economic planning in modern corporate structures.

The Theory of the Leisure Class by Thorstein Veblen This companion work examines the relationship between economic institutions and social status through the lens of consumption patterns and industrial development.

The Production of Money by Ann Pettifor This examination of monetary systems explains the technical mechanics behind banking, credit creation, and financial control structures.

The Rise and Fall of American Growth by Robert J. Gordon This economic history traces the impact of technological innovation and industrial development on American living standards between 1870 and the present.

🔹 The term "conspicuous consumption," now widely used in economics and sociology, was coined by Thorstein Veblen in his earlier work "The Theory of the Leisure Class" (1899) 🔹 During the time this book was written (1919), the American economy was transitioning from wartime to peacetime production, creating significant industrial and social tensions that influenced Veblen's analysis 🔹 Veblen's ideas about technocracy and engineer-led governance later inspired the Technical Alliance and the Technocracy movement of the 1930s 🔹 Despite being a brilliant economist and social critic, Veblen was notorious for being an outsider in academia, changing universities six times during his career due to his unconventional views and personal behaviors 🔹 The book's critique of "sabotage" in industry - the deliberate restriction of production to maintain prices - remains relevant to modern discussions about artificial scarcity in digital markets and intellectual property