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
An analysis of these phenomena on lines similar to those which have been
followed in the discussion of assets above is not without difficulty,
nor can it fairly be expected to yield any but tentative and provisional
results. The matter has received so little attention from economic
theoreticians that even significant mistakes in this connection are of
very rare occurrence.[14] The cause of this scant attention to these
matters lies, no doubt, in the relative novelty of the facts in
question. The facts may be roughly drawn together under the caption
"Traffic in Vendible Capital"; although that term serves rather as a
comprehensive designation of the class of business enterprise from which
these gains accrue than as an adequate characterisation of the play of
forces involved.[15] Traffic in vendible capital has not been unknown
in the past, but it is only recently that it has come into the
foreground as the most important line of business enterprise. Such it
now is, in that it is in this traffic that the ultimate initiative and
discretion in business are now to be found. It is at the same time the
most gainful of business enterprise, not only in absolute terms, but
relatively to the magnitude of the assets involved as well. One reason
for this superior gainfulness is the fact that the assets involved in
this traffic are at the same time engaged as assets to their full extent
in ordinary business, so that the peculiar gains of this traffic are of
the nature of a bonus above the earnings of the invested wealth. "It is
like finding money."
Public-domain text, read in full here on John Shaqi.
The Place of Science in Modern Civilisation, and Other Essays — John Shaqi
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