----------------- HES POSTING ----------------- 
 
The whole of Veblen's critique of the American system of his day is summed up in the
phrase "capitalization of inefficiency". But, even neoclassical theory, as he called it,
was ready to admit that any monopoly capitalized inefficiency by reducing output and
raising price. For Veblen, however, the dysfunctions of an "aquisitive" [as opposed to
what he thought was an engineer's production] approach to economic activity, were
processes "capitalizing on inefficiency".
 
Robin Neill 
 
------------ FOOTER TO HES POSTING ------------ 
For information, send the message "info HES" to [log in to unmask]