Veblen in Plain English: A Complete Introduction to Thorstein Veblen's Economics
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Veblen in Plain English: A Complete Introduction to Thorstein Veb ...

Chapter 1:  Instincts
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is the root source of science, and of technological change.

Like other instincts, the extent to which idle curiosity manifests depends on a variety of factors. For one thing, idle curiosity finds an outlet only if people can afford to be idle. Only after needs such as food, clothing, shelter and reproduction have been met can one afford to spend time on something that has no immediate reward. It follows that the instinct of idle curiosity will be exercised more in economies with larger economic surpluses.

Idle curiosity and the instinct of workmanship, taken together, lead to improvements in technology. Idle curiosity leads to a better understanding of how the world works. The instinct of workmanship exploits the new knowledge to the extent that it leads to more efficient production methods. The better methods are also welcomed by our parental bent, as they make life easier for everyone. As we shall see, technological change is the primary catalyst for mutations in Veblen’s evolutionary system. New technologies disturb the institutional structure, and can cause institutions to evolve.

In between the group-regarding and the purely self-regarding instincts is a gray area inhabited by the instinct of emulation. Veblen said that “the propensity for emulation - for invidious comparison - is of ancient growth and is a pervading trait of human nature” [1899, 109]. He goes so far as to say that, “with the exception of the instinct for self-preservation, the propensity for emulation is probably the strongest and most alert and persistent of the economic motives proper” [Ibid. 110]. People have a natural tendency to copy, to make comparisons and to rank the performances of others. Emulating others is how we learn. In choosing whom to emulate, we naturally decide that certain people are better at particular things than others.