opposition to the methods that Marshall was putting forward.
History has shown that both the partial and the general
equilibrium approaches to economic analysis are required for
understanding the functioning of the economy.
Thorstein Veblen (1857–1929)
Thorstein Veblen was born on a farm in Wisconsin to Norwegian
parents. He received his Ph.D. in philosophy from Yale
University, after which he returned to his father’s farm because
he was unable to secure an academic position. For seven years
he remained there, reading voraciously on economics and
other social sciences. Eventually, he took academic positions
at the University of Chicago, Stanford University, the University
of Missouri, and the New School for Social Research (in New
York). Veblen was the founder of “institutional economics,” the
only uniquely North American school of economic thought.