Sejarah Pemikiran Ekonomi: ALIRAN INSTITUSIONAL

Summary

The video explores the life and ideas of Thorstein Veblen, a Norwegian-American economist known for his critique of the wealthy elite and capitalist society. Veblen’s unconventional lifestyle, social criticism, and his belief in the potential of socialism for industrial economies are discussed. The script also delves into the impact of Veblen's theories on social and economic thought, touching on topics such as the conflict between rich and poor in America, the irrationality of consumerism, and the importance of technical knowledge in industrial production. The ideas of Max Weber, particularly on rational capitalism and the moral foundations of modern societies, are also examined.

Takeaways

• 😀 Veblen, a Norwegian immigrant to America, became famous for his criticisms of economic systems, especially his disdain for the wealthy class's consumption habits.
• 😀 Despite living a humble life and often appearing disheveled, Veblen's charisma drew many women and led to a controversial personal life, including relationships with students and colleagues' wives.
• 😀 Veblen criticized the neoclassical economic model and was known as a 'killer' professor who rarely gave grades above C.
• 😀 Veblen predicted global events like World War I and II and the Russian Revolution, showcasing his foresight in international politics.
• 😀 Veblen’s most famous work, 'The Theory of the Leisure Class,' critiques the lavish lifestyle of the wealthy, who he viewed as unproductive compared to industrial workers.
• 😀 He proposed an economic model where industry would be controlled by engineers rather than investors, aligning with his belief in a more practical, productive society.
• 😀 Veblen believed the consumption of luxury goods by the wealthy was wasteful and self-serving, contrasting sharply with the lives of industrial workers who worked harder for less.
• 😀 His philosophy aligned somewhat with socialism, not in terms of governance but in terms of economic structures that prioritize practical, technical work over financial speculation.
• 😀 The New School for Social Research was founded by thinkers like Veblen to explore experimental social research, influencing future economic theories.
• 😀 Max Weber, another significant figure discussed, believed that capitalism was not purely about greed but was influenced by religious morals, especially from the Protestant Reformation, which contributed to the rise of capitalism in the West.

Q & A

Who is Thorstein Veblen and what is his contribution to economic thought?

Thorstein Veblen was an economist and social critic, known for his work on institutional economics. His most famous work, 'The Theory of the Leisure Class,' critiqued the behavior of the wealthy elite, emphasizing how their consumption patterns were driven by status rather than need. He also predicted major global conflicts and revolutions, such as World War I and the Russian Revolution.

What was Veblen’s view on the behavior of the wealthy in America?

Veblen criticized the American upper class for their conspicuous consumption, where the wealthy used their wealth not to fulfill basic needs but to showcase their status. He argued that their extravagant lifestyles were unsustainable and morally questionable, especially when contrasted with the industrious working class.

How did Veblen's personal life and background influence his views?

Veblen’s background as the son of Norwegian immigrants and his modest upbringing significantly shaped his criticism of the American elite. His personal life, including his somewhat eccentric and unconventional behavior, also influenced his critiques of societal norms, particularly those surrounding wealth and social status.

What role did Veblen’s idea of socialism play in his economic theories?

Veblen advocated for a form of socialism that focused on economic control by technicians and engineers, rather than investors or wealthy capitalists. He believed that the industrial economy should be managed by experts who understood the technical aspects of production, rather than by investors who profited from inherited wealth.

What is Veblen’s view on the relationship between industrial workers and investors?

Veblen observed a growing conflict between industrial workers and investors. While workers contributed significantly to production and were highly productive, investors, who often lacked technical expertise, profited from the workers' efforts without contributing to the actual work. He argued that this disparity was unfair and inefficient.

What were some of the key predictions made by Veblen?

Veblen predicted the outbreak of World War I, the success of the Russian Revolution, and the eventual rise of World War II. He also foresaw a future in which capitalist systems would be challenged by rising social tensions and critiques from the working class.

How did Veblen’s views differ from other economists like Karl Marx?

Veblen’s views differed from Marx’s in that he didn’t focus on the revolutionary overthrow of the capitalist system through political means. Instead, Veblen critiqued the economic system from an institutional perspective, emphasizing the moral and ethical implications of conspicuous consumption and the inefficiency of wealth accumulation by non-productive elites.

What is the significance of Veblen's concept of 'conspicuous consumption'?

The concept of 'conspicuous consumption' is central to Veblen’s critique of the wealthy. He argued that the elite engage in consumption not to satisfy genuine needs but to display wealth and social status. This behavior, according to Veblen, undermines social and economic efficiency.

What was the New School for Social Research and its connection to Veblen?

The New School for Social Research was established by intellectuals like Veblen, Jeffrey, and Wesley Michael. It aimed to foster experimental social research, particularly in economics and sociology. Veblen's work on institutional economics was influential in shaping the school's approach to studying social systems and their relationship to economic practices.

How did Max Weber’s thoughts on capitalism differ from those of Veblen?

Max Weber believed that capitalism had a rationalizing effect on society, emphasizing the importance of discipline, moral conduct, and adherence to professional ethics. Unlike Veblen, who critiqued capitalism for its inefficiency and social injustice, Weber saw capitalism as rooted in the Protestant ethic, which influenced the development of Western capitalism through moral and ethical obligations.