Veblen's project to create a new evolutionary economic science springs from his dissatisfaction with the marginalist approach. This article offers a critical reconstruction of Veblen's analysis of marginalism, particularly in relation with its ontological postulates. Furthermore, it evaluates Veblen's formulations in response thereto, the context in which they were forged, and their influence in current theoretical debates. Finally it argues that Veblen's project is more successful in its opposition to the marginal utility theory than in achieving its primary objective of founding an evolutionary economics. However, Veblen sheds light on many issues which are currently being discussed by economic science nowadays.

Keywords: institutionalism, evolutionary economics, marginalism, homo oeconomicus, adaptive rationality.