ソースタイン・ヴェブレンのフィッシャー経済理論批判 : 資本,所得および利子の諸理論をめぐって(アメリカ制度学派の研究,共同研究)

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The purpose of this paper is to discuss the significance and value of the economic thought of Thorstein Bunde Veblen (1875-1929), the founder of institutional economics. For this purpose I have studied the criticisms of Veblen against the leading American economist of the first half of this century and pioneer of modern economic theory, Irving Fisher (1869-1947), whose work covered capital, income and interest. That is to say that, notwithstanding the fact that the establishment of Veblen's and Fisher's economic doctrines was during the monopolistic stage of American capitalism, these doctrines were desisively opposed to each other. Moreover, while Fisher's economic theory influenced the current mainstream economics, it was recognised to have limitations in terms of efficiency. Veblen's criticism was first directed against Fisher's theory of capital developed in the latter's book, The Nature of Capital and Income (1906). In this work, he reviewed various definitions on capital in order to build up an universal concept, and defined it as a stock of wealth. This wealth was a material asset and intangible assets were not included. As Veblen stated in his work, The Theory of Business Enterprise (1907), these intangible assets are to be calculated together with tangible assets as capital summation through the capitalization process, and to be the foundation of an extension of credit. When a point is reached where the earnings realized cannot support the extension of capital, successive liquidation ensues. However, through Fisher's concept the movement of capital could not, of course, theoretically explain the inevitability of the Great Depression which was imminent. Secondly, Veblen commented on Fisher's theory of income. He approached the concept of income from the viewpoint of the satisfaction of human pleasurable sensations. In other words, he recognised the existence of the concepts of general money income and real form income. But as a basic income concept, he also presented the concept of psychic income or enjoyment income which incorporates the so-called volume of pleasure. These concepts are not directly linked to pecuniary or money. Therefore, Veblen criticized Fisher's concept of income on the grounds that it is extra-pecuniary or praeter-pecuniary. As with capital, income must be understood as being within a fixed cultural environment or pecuniary culture. Finally, Veblen turned to Fisher's theory of interest. This is an agio theory drawn from Eugen von Bohm-Bawerk (1851-1914) and an improvement in terms of the pleasure concept. That is to say, Fisher took the hedonistically postulated human consumptive sensation and sought to create the basis for the existence of income. Therefore, interest, as Fisher explained it, did not constitute fixed pecuniary phenomena within the business community. Moreover, interest regarded in this way cannot explain the problem of business adjustment, and therefore suffers from limitation in substance. Thus, Fisher's theories of capital, income and interest stand as they are whatever the economic conditions may be. His theories on capital and income are built after the mechanical manner in which his theory on interest is derived. In this context, the Newtonianistic and teleological character of his economic theory are strikingly apparent. In that this economic theory is created on the hedonistic view of human nature, the influence of Jeremy Bentham's (1748-1832) hedonistic psychology is also evident. Hence, Fisher's economic theory is completely confronted with that of Veblen's economics, which is fundamentally grounded on Darwinism. It is to be asserted that Veblen observed the various economic conditions prevailing at a given cultural stage and created his economic theories on pertinent concepts of human nature. This assertion must be considered prudently, in the first place, to get over the limitations of the modern mainstream economics.
1984-03-20

ソースタイン・ヴェブレンのフィッシャー経済理論批判 : 資本,所得および利子の諸理論をめぐって(アメリカ制度学派の研究,共同研究)

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