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 point of departure with Adam Smith is the "productive power of
labor."[26] With Ricardo it is a pecuniary problem concerned in the
distribution of ownership;[27] but the classical writers are followers
of Adam Smith, and improve upon and correct the results arrived at by
him, and the difference of point of view, therefore, becomes evident in
their divergence from him, and the different distribution of emphasis,
rather than in a new and antagonistic departure.
The reason for this shifting of the center of gravity from production to
valuation lies, proximately, in Bentham's revision of the "principles"
of morals. Bentham's philosophical position is, of course, not a
self-explanatory phenomenon, nor does the effect of Benthamism extend
only to those who are avowed followers of Bentham; for Bentham is the
exponent of a cultural change that affects the habits of thought of the
entire community. The immediate point of Bentham's work, as affecting
the habits of thought of the educated community, is the substitution of
hedonism (utility) in place of achievement of purpose, as a ground of
legitimacy and a guide in the normalisation of knowledge. Its effect is
most patent in speculations on morals, where it inculcates determinism.
Its close connection with determinism in ethics points the way to what
may be expected of its working in economics. In both cases the result is
that human action is construed in terms of the causal forces of the
environment, the human agent being, at the best, taken as a mechanism of
commutation, through the workings of which the sensuous effects wrought
by the impinging forces of the environment are, by an enforced process
of valuation, transmuted without quantitative discrepancy into moral or
economic conduct, as the case may be. In ethics and economics alike the
subject-matter of the theory is this valuation process that expresses
itself in conduct, resulting, in the case of economic conduct, in the
pursuit of the greatest gain or least sacrifice.
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