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PKSG Working Paper Series

Working Paper PKWP1501

A Veblenian articulation of the monetary theory of production

March 2015

Zdravka Todorova

The article presents a further articulation of the monetary theory of production inspired by the writings of Thorstein Veblen. Particularly I offer a formulation of the monetary theory of production as part of broader theorizing about social provisioning and the life process. This includes an analytical focus on non-commodities; an extension of the Veblenian dichotomy to non-market activities; discussion of Veblen’s theory of social valuation in connection to monetary theory of production and class; delineation of as social processes that constitute social provisioning and their commodity and non-commodity aspects. The goal is bridging the gap between monetary theory of production and analysis of “the social”.

Keywords: Monetary theory of production, Thorstein Veblen, capitalism, heterodox economics, social provisioning, class, political economy

JEL classification: B15: History of Economic Thought through 1925: Historical; Institutional; Evolutionary B41: Economic Methodology B52: Current Heterodox Approaches: Institutional; Evolutionary B54: Feminist Economics P16: Capitalist Systems: Political Economy Z13: Economic Sociology; Economic Anthropology; Social and Economic Stratification

Download: Working Paper PKWP1501