Abstract

CYPHER, James M.. Veblen and the origin of the catching-up hypothesis. Prob. Des [online]. 2012, vol.43, n.169, pp.9-26. ISSN 0301-7036.

Economic development as a post-war phenomenon is unprecedented. However, Veblen's contribution to economic development has been previously recognized and disseminated. Veblen's evolutionary economics is based on historical truth and limits applicable to particular cultures. His theory of economic growth is a theory of economic development: quantitative accumulation is important because it involves qualitative change. Veblen's analysis of exploiting economic potential focuses on society's ability to make satisfactory scientific and technological progress, giving rise to increased profits and the investment of surplus in industrial activity. Veblen presented indirect and surprising commentary, which is not presented empirically.

Keywords : Veblen; technology; development economics; Imperial Germany; Japan's opportunity.