Business & Economics Collection: Thorstein Veblen Edition (30+ Works in One Volume). Thorstein Veblen

an expert judge of materials or of workmanship. He makes his estimate of value of the article chiefly on the ground of the apparent expensiveness of the finish of those decorative parts and features which have no immediate relation to the intrinsic usefulness of the article; the presumption being that some sort of ill-defined proportion subsists between the substantial value of an article and the expense of adornment added in order to sell it. The presumption that there can ordinarily be no sound scholarship where a knowledge of the classics and humanities is wanting leads to a conspicuous waste of time and labor on the part of the general body of students in acquiring such knowledge. The conventional insistence on a modicum of conspicuous waste as an incident of all reputable scholarship has affected our canons of taste and of serviceability in matters of scholarship in much the same way as the same principle has influenced our judgment of the serviceability of manufactured goods.

      It is true, since conspicuous consumption has gained more and more on conspicuous leisure as a means of repute, the acquisition of the dead languages is no longer so imperative a requirement as it once was, and its talismanic virtue as a voucher of scholarship has suffered a concomitant impairment. But while this is true, it is also true that the classics have scarcely lost in absolute value as a voucher of scholastic respectability, since for this purpose it is only necessary that the scholar should be able to put in evidence some learning which is conventionally recognized as evidence of wasted time; and the classics lend themselves with great facility to this use. Indeed, there can be little doubt that it is their utility as evidence of wasted time and effort, and hence of the pecuniary strength necessary in order to afford this waste, that has secured to the classics their position of prerogative in the scheme of higher learning, and has led to their being esteemed the most honorific of all learning. They serve the decorative ends of leisure-class learning better than any other body of knowledge, and hence they are an effective means of reputability.

      In this respect the classics have until lately had scarcely a rival. They still have no dangerous rival on the continent of Europe, but lately, since college athletics have won their way into a recognized standing as an accredited field of scholarly accomplishment, this latter branch of learning—if athletics may be freely classed as learning—has become a rival of the classics for the primacy in leisure-class education in American and English schools. Athletics have an obvious advantage over the classics for the purpose of leisure-class learning, since success as an athlete presumes, not only waste of time, but also waste of money, as well as the possession of certain highly unindustrial archaic traits of character and temperament. In the German universities the place of athletics and Greek-letter fraternities, as a leisure-class scholarly occupation, has in some measure been supplied by a skilled and graded inebriety and a perfunctory duelling.

      The leisure class and its standard of virtue—archaism and waste—can scarcely have been concerned in the introduction of the classics into the scheme of the higher learning; but the tenacious retention of the classics by the higher schools, and the high degree of reputability which still attaches to them, are no doubt due to their conforming so closely to the requirements of archaism and waste.

      "Classic" always carries this connotation of wasteful and archaic, whether it is used to denote the dead languages or the obsolete or obsolescent forms of thought and diction in the living language, or to denote other items of scholarly activity or apparatus to which it is applied with less aptness. So the archaic idiom of the English language is spoken of as "classic" English. Its use is imperative in all speaking and writing upon serious topics, and a facile use of it lends dignity to even the most commonplace and trivial string of talk. The newest form of English diction is of course never written; the sense of that leisure-class propriety which requires archaism in speech is present even in the most illiterate or sensational writers in sufficient force to prevent such a lapse. On the other hand, the highest and most conventionalized style of archaic diction is—quite characteristically—properly employed only in communications between an anthropomorphic divinity and his subjects. Midway between these extremes lies the everyday speech of leisure-class conversation and literature.

      Elegant diction, whether in writing or speaking, is an effective means of reputability. It is of moment to know with some precision what is the degree of archaism conventionally required in speaking on any given topic. Usage differs appreciably from the pulpit to the market-place; the latter, as might be expected, admits the use of relatively new and effective words and turns of expression, even by fastidious persons. A discriminative avoidance of neologisms is honorific, not only because it argues that time has been wasted in acquiring the obsolescent habit of speech, but also as showing that the speaker has from infancy habitually associated with persons who have been familiar with the obsolescent idiom. It thereby goes to show his leisure-class antecedents. Great purity of speech is presumptive evidence of several lives spent in other than vulgarly useful occupations; although its evidence is by no means entirely conclusive to this point.

      As felicitous an instance of futile classicism as can well be found, outside of the Far East, is the conventional spelling of the English language. A breach of the proprieties in spelling is extremely annoying and will discredit any writer in the eyes of all persons who are possessed of a developed sense of the true and beautiful. English orthography satisfies all the requirements of the canons of reputability under the law of conspicuous waste. It is archaic, cumbrous, and ineffective; its acquisition consumes much time and effort; failure to acquire it is easy of detection. Therefore it is the first and readiest test of reputability in learning, and conformity to its ritual is indispensable to a blameless scholastic life.

      On this head of purity of speech, as at other points where a conventional usage rests on the canons of archaism and waste, the spokesmen for the usage instinctively take an apologetic attitude. It is contended, in substance, that a punctilious use of ancient and accredited locutions will serve to convey thought more adequately and more precisely than would be the straightforward use of the latest form of spoken English; whereas it is notorious that the ideas of today are effectively expressed in the slang of today. Classic speech has the honorific virtue of dignity; it commands attention and respect as being the accredited method of communication under the leisure-class scheme of life, because it carries a pointed suggestion of the industrial exemption of the speaker. The advantage of the accredited locutions lies in their reputability; they are reputable because they are cumbrous and out of date, and therefore argue waste of time and exemption from the use and the need of direct and forcible speech.

      THE THEORY OF BUSINESS ENTERPRISE

       Table of Contents

       Preface

       Introductory

       The Machine Process

       Business Enterprise

       Business Principles

       Value of Loan Credit

       Modern Business Capital

       Theory of Modern Welfare

       Business Principles in Law and Politics

       Cultural Incidence of Machine Process

       Decay of Business Enterprise

      Preface