Question

in 100 words

What was the basis of Veblen's critique of the hedonistic calculus ? (Hint: homogeneous globule of desire ).

Answer 1

Thorstein Veblen firmly believed in the strong association of economy and culture .He clearly advocated having pleasure and profit making are not the ultimate goal of economic behaviour therefore he is against to the policy of 'rational assumption' that makes economic behaviour a mere profit making policy.infact the his critique was based on the non-acceptance of rational assumption referring which he said we can't say the people do not only think about the pleasure seeking and profit making but customs,culture , traditions will be given importance ultimately.they do not vary based on happiness ,pain and change like a homogeneous globule of desire of happiness that puts them change their behaviour accordingly .So his critique was mainly based on denying material benefits as the highest good in the economic behaviour.