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
derived from the consumption of the product is a future, or expected,
pleasure, and can be said to be present, at the point of time at which a
given unit of pain-cost is incurred, only in anticipation; and it cannot
be said that the anticipated pleasure attaching to a unit of product
which emerges from the effort of the producer during the relatively
painless first hour's work exceeds the anticipated pleasure attaching to
a similar unit emerging from the second hour's work. Mr. Clark has, in
effect, explained this matter in substantially the same way in another
connection (_e.g._, p. 42), where he shows that the magnitude on which
the question of utility and cost hinges is the "total effective
utility," and that the "total absolute utility" is a matter not of what
hedonistically is, in respect of utility as an outcome of production,
but of what might have been under different circumstances.
An equally unprofitable result may be reached from the same point of
departure along a different line of argument. Granting that increments
of product should be measured, in respect of utility, by comparison with
the disutility of the concomitant increment of cost, then the
diagrammatic arguments commonly employed are inadequate, in that the
diagrams are necessarily drawn in two dimensions only,--length and
breadth: whereas they should be drawn in three dimensions, so as to take
account of the intensity of application as well as of its duration.[37]
Apparently, the exigencies of graphic representation, fortified by the
presumption that there always emerges a surplus of utility, have led
marginal-utility theorists, in effect, to overlook this matter of
intensity of application.
When this element is brought in with the same freedom as the other two
dimensions engaged, the argument will, in hedonistic consistency, run
somewhat as follows,--the run of the facts being what it may. The
producer, setting out on this irksome business, and beginning with the
production of the exorbitantly useful initial unit of product, will, by
hedonistic necessity, apply himself to the task with a correspondingly
extravagant intensity, the irksomeness (disutility) of which necessarily
rises to such a pitch as to leave no excess of utility in this initial
unit of product above the concomitant disutility of the initial unit of
productive effort.[38] As the utility of subsequent units of product
progressively declines, so will the producer's intensity of irksome
application concomitantly decline, maintaining a nice balance between
utility and disutility throughout. There is, therefore, no excess of
"absolute utility" above "effective utility" at any point on the curve,
and no excess of "total absolute utility" above "total effective
utility" of the product as a whole, nor above the "total absolute
disutility" or the "total effective disutility" of the pain-cost.
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