The Place of Science in Modern Civilisation, and Other EssaysVeblen, Thorstein
Philosophy
The Place of Science in Modern Civilisation, and Other Essays
Veblen, Thorstein
Economics; Science
The advance in the general point of view from animistic teleology to
taxonomy is shown in a curiously succinct manner in a parenthetical
clause of Cairnes's in the chapter on Normal Value.[11] With his
acceptance of the later point of view involved in the use of the new
term, Cairnes becomes the interpreter of the received theoretical
results. The received positions are not subjected to a destructive
criticism. The aim is to complete them where they fall short and to cut
off what may be needless or what may run beyond the safe ground of
scientific generalisation. In his work of redaction, Cairnes does not
avow--probably he is not sensible of--any substantial shifting of the
point of view or any change in the accepted ground of theoretic reality.
But his advance to an unteleological taxonomy none the less changes the
scope and aim of his theoretical discussion. The discussion of Normal
Value may be taken in illustration.
Cairnes is not content to find (with Adam Smith) that value will
"naturally" coincide with or be measured by cost of production, or even
(with Mill) that cost of production must, in the long run, "necessarily"
determine value. "This ... is to take a much too limited view of the
range of this phenomenon."[12] He is concerned to determine not only
this general tendency of values to a normal, but all those
characteristic circumstances as well which condition this tendency and
which determine the normal to which values tend. His inquiry pursues the
phenomena of value in a normal economic system rather than the manner
and rate of approach of value relations to a teleologically or
hedonistically defensible consummation. It therefore becomes an
exhaustive but very discriminating analysis of the circumstances that
bear upon market values, with a view to determine what circumstances are
normally present; that is to say, what circumstances conditioning value
are commonly effective and at the same time in consonance with the
premises of economic theory. These effective conditions, in so far as
they are not counted anomalous and, therefore, to be set aside in the
theoretical discussion, are the circumstances under which a hedonistic
valuation process in any modern industrial community is held perforce to
take place,--the circumstances which are held to enforce a recognition
and rating of the pleasure-bearing capacity of facts. They are not, as
under the earlier cost-of-production doctrines, the circumstances which
determine the magnitude of the forces spent in the production of the
valuable article. Therefore, the normal (natural) value is no longer (as
with Adam Smith, and even to some extent with his classical successors)
the primary or initial fact in value theory, the substantial fact of
which the market value is an approximate expression and by which the
latter is controlled. The argument does not, as formerly, set out from
that expenditure of personal force which was once conceived to
Public-domain text, read in full here on John Shaqi.
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