The American economist Thorstein Veblen wrote that he believed that over time, economic problems in the...

The American economist Thorstein Veblen wrote that he believed that over time, economic problems in the USA would be "solved" by the actions of engineers. In his view, the engineers would begin to design and build the goods that Americans needed without having to worry about prices or factor costs. Instead, engineers would know the appropriate production function of a particular production process, receive the factors of production needed to carry out their plans, and then present the final products to the public for consumption.

Please critique the Veblen proposal using the material from our lessons and readings on economic calculation.

Expert Solution

Rahul Sunny answered 2 years ago

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