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 (hedonistic) discrepancy which so appears between remuneration and
product affects both wages and interest in the same manner, but there is
some (hedonistic) ground in Mr. Clark's doctrines for holding that the
discrepancy does not strike both in the same degree. There is indeed no
warrant for holding that there is anything like an equable distribution
of this discrepancy among the several industries or the several
industrial concerns; but there appears to be some warrant, on Mr.
Clark's argument, for thinking that the discrepancy is perhaps slighter
in those branches of industry which produce the prime necessaries of
life.[25] This point of doctrine throws also a faint (metaphysical)
light on a, possibly generic, discrepancy between the remuneration of
capitalists and that of laborers: the latter are, relatively, more
addicted to consuming the necessaries of life, and it may be that they
thereby gain less in the way of a consumer's surplus.
All the analysis and reasoning here set forth has an air of undue
tenuity; but in extenuation of this fault it should be noted that this
reasoning is made up of such matter as goes to make up the theory under
review, and the fault, therefore, is not to be charged to the critic.
The manner of argument required to meet this theory of the "natural law
of final productivity" on its own ground is itself a sufficiently
tedious proof of the futility of the whole matter in dispute. Yet it
seems necessary to beg further indulgence for more of the same kind. As
a needed excuse, it may be added that what immediately follows bears on
Mr. Clark's application of the law of "natural distribution" to modern
problems of industry and public policy, in the matter of curbing
monopolies.
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