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1. Analysis of T. Veblen and R. Solow
contributions to economics

2. A. Thorstein Bunde Veblen was born on July 30, 1857, in Valders, Wis in a family of
Norwegian immigrants. He was brought up in Wisconsin and Minnesota. Veblen was
one of the first members of the family who attained higher education (ITVA).
After graduating from Carleton College, Thorstein Veblen did one term at Johns
Hopkins and then enrolled in Yale to study philosophy. In 1888 he married Ellen Rolfe.
Failed to find a job, he decided to continued studies at Cornell on economics.
In 1892 Thorstein moved to Chicago where he was offered a post of Managing editor of
the Journal of Political Economy and lately an assistant professor of political economy
(ITVA). As a result of making a bad reputation to the University, Thorstein had to leave it
and took a post at Stanford. However, due to marital infidelities and unconventional
views, he had to quit his career at the University either.
Thus, Veblen moves to Missouri where he took a post of lecturer and associate
professor in economics in 1911. However, he withdrew due to his dissatisfaction with
faculty and students. In 1914 Thorstein got married for the second time and moved with

3. his wife to Washington and New York City, where he became one of the editors of the
Dial (ITVA). Late in 20’s he got back to California where he died in 1929.
B. During activity of Thorstein Veblen there was a number of economic and social
events, which influenced the economist. Long Depression hit the economy between
1873 and 1875. A number of enterprises went bankrupt; level of unemployment was
significantly high. The 1880s were characterized by significant increase in capital
investment, at 500% on decade-to-decade basis.
Another depression took place between 1893 and 1897. However, the
government announced a plan of sustained industrialization.
In 1913 H. Ford invented the moving assembly line, which was the beginning of ‘mass
production’. This was followed by factories electrification.
Period of 1920’s renowned for agrarian revolts, attacks on the great corporations and
reformist ideas which Veblen supported. Thorstein regarded it as …