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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 structure. Veblen saw that industrial output was more dependent upon technocrats—managers and capital innovators—than financiers.
In The Engineers and the Price System, Veblen applies economic theory to modern industrial society. He demonstrates that revolutionary change can be advanced by managers and engineers upon whose "brains and skills" the state of industrial arts depends.
In his uniquely comprehensive introduction, Daniel Bell discusses the associations and attitudes which mark Veblen as the prophetic outsider he remained most of his life.