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 ownership of the material equipment gives the owner not only the
right of use over the community's immaterial equipment, but also the
right of abuse and of neglect or inhibition. This power of inhibition
may be made to afford an income, as well as the power to serve; and
whatever will yield an income may be capitalised and become an item of
wealth to its possessor. Under modern conditions of investment it
happens not infrequently that it becomes pecuniarily expedient for the
owner of the material equipment to curtail or retard the processes of
industry,--"restraint of trade." The motive in all such cases of
retardation is the pecuniary expediency of the measure for the owner
(controller) of capital,--expediency in terms of income from investment,
not expediency in terms of serviceability to the community at large or
to any fraction of the community except the owner (manager). Except for
the exigencies of investment, _i.e._, exigencies of pecuniary gain to
the investor, phenomena of this character would have no place in the
industrial system. They invariably come of the endeavors of business men
to secure a pecuniary gain or to avoid a pecuniary loss. More
frequently, perhaps, manoeuvers of inhibition--advised idleness of
plant--in industry aim to effect a saving or avoid a waste than to
procure an increase of gain; but the saving to be effected and the waste
to be avoided are always pecuniary saving to the owner and pecuniary
waste in the matter of ownership, not a saving of goods to the community
or a prevention of wasteful consumption or wasteful expenditure of
effort and resources on the part of the community. Pecuniary--that is to
say, differential--advantage to the capitalist-manager has, under the
regime of investment, taken precedence of economic advantage to the
community; or rather, the differential advantage of ownership is alone
regarded in the conduct of industry under this system.
Public-domain text, read in full here on John Shaqi.
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