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Prices, Advertising, And Power

In: Inequality and Global Supra-Surplus Capitalism

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  • E Ray Canterbery

Abstract

Most economists would agree that Veblen’s logical successor is John Kenneth Galbraith. Though Galbraith was a best-selling author, he is not mainstream among professional economists. Thorstein Veblen’s influence on Galbraith’s demand theory is most visible in The Affluent Society. Galbraith’s “conventional wisdom,” an established set of ideas used to explain the world and how it operates, providing stability, cohesion, meaning, and predictability in a highly complex environment parallels Veblen’s “vested interests.” Since, by its nature, the conventional wisdom denies a change in the environment, it always and everywhere lags behind the times. This “inertia and resistance” comprise Veblen’s institutional lag.

Suggested Citation

  • E Ray Canterbery, 2018. "Prices, Advertising, And Power," World Scientific Book Chapters, in: Inequality and Global Supra-Surplus Capitalism, chapter 9, pages 137-149, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813200838_0009
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