opportunity cost addendum

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From Samuels and Schmid-see number 9 through 11:


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Veblens Instinct of workmanship pg 265 - 283

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 In this set of pages, Veblen continues his exploration of the transformation of various cultural and religious practices as the handicraft era of industry continues to evolve.  Veblen notes that the religious move is towards autonomy and more focus on the individual self and more in line with a protestant view as opposed to a catholic view of christianity. Another major movement that occurred during the handicraft era according to Veblen in political history and thought was the creation of nation states. Veblen sees the handicraft era as supplying the necessary means for large states to exist and for warmaking to be feasible on a large scale. Veblen is at pains to note that handicraft workers did not wish to subject themselves to the coercion of the nation state but rather this was a side effect of the price system and its principle of self-help.  Why? In essence according to Veblen, princes of states could buy from a larger catchment era the needs for war and could even...
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Welcome!

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This new blog was started to think about ideas in the area of institutional law and economics.  We will be posing as often as possible as we explore ideas in the frame of reference created by A.Allan Schmid, Warren Samuels, Dan Bromley, David Schweikhardt and others from the Great Lakes tradition of Institutional economics. Here are some starting resources: https://msu.edu/user/schmid/instecon.htm https://www.tandfonline.com/doi/pdf/10.1080/00213624.2017.1368314 https://www.canr.msu.edu/people/schmid_a A few initial thoughts based on writings from Al Schmid and his first edition book, Property, Power and Public Choice published in 1978.  Lets start with a direct quote, "the system of analysis used here begins with the fact of human interdependence.  It is the public choice of property rights (institutions) that control and direct this interdependence and shape the opportunity sets of the interacting parties." In these two sentences, we can unpack a lot of inf...
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Veblens Instinct of Workmanship pg. 253-265

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Veblens Instinct of Workmanship pg. 253-265  We continue this journey still in the chapter on the “Era of Handicraft’.  The next section of the book may be why some religious leaders did not appreciate the line of thinking that Veblen was taking.  He referred to several times about the “cult” of religion.  He also notes that religious and theological thinking dominated the nature of overall preconceptions of most people.  Further, academic inquiry was oriented around the question of “what hath God ordained” . In the handicraft era, that began to shift.  He begins with the good of “man” begins to become the preconception as opposed to the nature and needs of God. Hew rites in characteristic veblenian fashion that “the sentimental ground of conviction comes to the recognized serviceability of the ascertained facts for human use, rather than their conformity with the putative exigencies of a self centered divine will” One can see the shift that Veblen is claim...
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