----------------- 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]