The Engineers and the Price System by Thorstein Veblen
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May 03, 2025
May 03, 2025
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Description
The Engineers and the Price System by Thorstein Veblen is a critical and thought-provoking analysis of the economic and industrial systems of early 20th-century America. In this work, Veblen explores the growing power of engineers and technical experts in an increasingly industrialized society. He argues that engineers, with their technical knowledge and practical skills, are better suited to manage production and the economy than traditional business leaders who focus on profit and financial manipulation. Veblen critiques the inefficiencies and inequalities of the capitalist price system, suggesting that it prioritizes profit over technological advancement and social welfare. He envisions a potential future where engineers and technocrats could lead a rational and efficient economic order, free from the constraints of market-driven motives. First published in 1921, The Engineers and the Price System remains a seminal text in discussions of technocracy, economic planning, and the role of expertise in modern society. Veblen’s insights continue to resonate in contemporary debates about technology, capitalism, and the organization of economic life.
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