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
A transient evasion of this outcome may perhaps be sought by saying that
the producer will act wisely, as a good hedonist should, and save his
energies during the earlier moments of the productive period in order to
get the best aggregate result from his day's labor, instead of spending
himself in ill-advised excesses at the outset. Such seems to be the fact
of the matter, so far as the facts wear a hedonistic complexion; but
this correction simply throws the argument back on the previous position
and concedes the force of what was there claimed. It amounts to saying
that, instead of appreciating each successive unit of product in
isolated contrast with its concomitant unit of irksome productive
effort, the producer, being human, wisely looks forward to his total
product and rates it by contrast with his total pain-cost. Whereupon, as
before, no net surplus of utility emerges, under the rule which says
that irksome production of utilities goes on until utility and
disutility balance.
But this revision of "final productivity" has further consequences for
the optimistic doctrines of hedonism. Evidently, by a somewhat similar
line of argument the "consumer's surplus" will be made to disappear,
even as this that may be called the "producer's surplus" has
disappeared. Production being acquisition, and the consumer's cost being
cost of acquisition, the argument above should apply to the consumer's
case without abatement. On considering this matter in terms of the
hedonistically responsive individual concerned, with a view to
determining whether there is, in his calculus of utilities and costs,
any margin of uncovered utilities left over after he has incurred all
the disutilities that are worth while to him,--instead of proceeding on
a comparison between the pleasure-giving capacity of a given article and
the market price of the article, all such alleged differential
advantages within the scope of a single sensory are seen to be nothing
better than an illusory diffractive effect due to a faulty instrument.
Public-domain text, read in full here on John Shaqi.
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