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
[12] _Cf. Distribution of Wealth_, chaps, xii, xiii, vii, viii;
_Essentials_, chaps, v-x.
[13] _Essentials_, p. 158.
[14] _Distribution_, chap. xxiv.
[15] Chap. xxiv.
[16] _Essentials_, p. 40.
[17] Among modern economic hedonists, including Mr. Clark, there stands
over from the better days of the order of nature a presumption,
disavowed, but often decisive, that the sensational response to the like
mechanical impact of the stimulating body is the same in different
individuals. But, while this presumption stands ever in the background,
and helps to many important conclusions, as in the case under
discussion, few modern hedonists would question the statement in the
text.
[18] _Distribution_, p. 394.
[19] In Mr. Clark's discussion, elsewhere, the "quasi"-character of the
productive share of the laborer is indicated by saying that it is the
product "imputed" or "imputable" to him.
[20] _Essentials_, p. 92. Et si sensus deficit, ad firmandum cor
sincerum sola fides sufficit.
[21] See pp. 102-113; also p. 172, note.
[22] "The cheapest and poorest grades of articles." Page 113.
[23] See p. 113.
[24] The disappearance, and the method of disappearance, of such
elements of differential utility and disutility occupies a very
important place in all marginal-utility ("final-utility") theories of
market value, or "objective value."
[25] "Only the simplest and cheapest things that are sold in the market
at all bring just what they are worth to the buyers." Page 113.
[26] It is, _e.g._, open to serious question whether Mr. Clark's curves
of final productivity (pp. 139, 148), showing a declining output per
unit in response to an increase of one of the complementary agents of
production, will fit the common run of industry in case the output be
counted by weight and tale. In many cases they will, no doubt; in many
other cases they will not. But this is no criticism of the curves in
question, since they do not, or at least should not, purport to
represent the product in such terms, but in terms of utility.
[27] To resort to an approximation after the manner of Malthus, if the
supply of goods be supposed to increase by arithmetical progression,
their final utility may be said concomitantly to decrease by geometrical
progression.
[28] _Cf. Essentials_, chap. iii, especially pp. 40-41.
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