A further Veblenian Articulation of a Monetary Theory of Production

The chapter offers further articulation of the monetary theory of production inspired by the writings of Veblen. This includes a formulation of the monetary theory of production as part of social provisioning and the life process, focusing on the production of non-commodities; an extension of the Veblenian dichotomy to non-market activities; a discussion of Veblen’s theory of social valuation in connection to the monetary theory of production and class; and delineation of social processes that constitute social provisioning, and their commodity and non-commodity aspects. All of these are directed toward bridging the gap between monetary production and “the social”—this is also an effort very much present throughout Henry’s work.