The Engineers and the Price System by Thorstein Veblen is a critical examination of the tensions between technological expertise and the capitalist economic system, highlighting how the logic of markets often conflicts with the rational organization of industry and society. Veblen argues that engineers, as representatives of technical knowledge and efficiency, operate according to principles of scientific reasoning and productivity, yet their work is constrained by a price system driven by profit, competition, and financial speculation rather than by social utility or technological rationality. He critiques the inefficiencies and irrationalities inherent in a system where production decisions are dictated by monetary incentives rather than engineering judgment or societal needs.

Veblen explores how this clash affects innovation, industrial organization, and economic development, noting that the price system often undermines technological progress and encourages waste, redundancy, and the prioritization of financial gain over practical problem-solving. The book also considers the broader social implications of this conflict, including class relations, the distribution of wealth, and the role of engineers as potential agents of rational reform within a society dominated by pecuniary motives. Veblen’s analysis combines economic theory, sociological insight, and cultural critique, illustrating how the professional ethos of engineers—rooted in technical competence and practical efficiency—can expose the contradictions of a system that subordinates productive activity to the imperatives of capital.

Ultimately, The Engineers and the Price System presents a vision of how industrial and technological expertise could inform a more rational and socially beneficial organization of economic life, emphasizing that progress and efficiency are often constrained by the structural priorities of the market. The book is both a critique of capitalism and a forward-looking argument for the potential role of technical knowledge in shaping a more functional, equitable, and productive society.