In his The Engineers and the Price System, originally published
in 1921, Veblen observes that World War One demanded industrial
innovations, and he was among the first to predict the need for
changes in managerial struc-ture. Veblen saw that industrial output
was more dependent upon techno-crats--managers and capital
innova-tors--than financiers.
In The Engineers and the Price System, Veblen applies economic
theory to modern industrial society. He demon-strates that
revolutionary change can be advanced by managers and engi-neers
upon whose "brains and skills" the state of industrial arts
depends.
In his uniquely comprehensive in-troduction, Daniel Bell
discusses the associations and attitudes which mark Veblen as the
prophetic outsider he remained most of his life.
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