Thorstein Veblen

Thorstein Veblen

Summary

Portrait of Thorstein Veblen Thorstein Veblen The Higher Learning In America… (1918)

To the laity a "university" has come to mean, in the first place and indispensably, an aggregation of buildings and other improved real-estate. This material equipment strikes the lay attention directly and convincingly; while the pursuit of learning is a relatively obscure matter, the motions of which can not well be followed by the unlettered, even with the help of the newspapers and the circular literature that issues from the university's publicity bureau. The academic work is, after all, unseen, and it stays in the background.
Source: Wikisource

Portrait of Thorstein Veblen Thorstein Veblen The Higher Learning In America… (1918)

In competitive business it is of the gravest importance to keep up the concern's prestige, or "good will." A business concern so placed must be possessed of such prestige as will draw and hold a profitable traffic; otherwise the enterprise is in a precarious case. For the objective end and aim of business enterprise is profitable sales, or the equivalent of such sales if the concern is not occupied with what would strictly be called sales.
Source: Wikisource

Portrait of Thorstein Veblen Thorstein Veblen The Higher Learning In America… (1918)

Men trained in the conduct of business enterprise, as the governing boards are, will have great difficulty in persuading themselves that expenditures which yield neither increased dividends nor such a durable physical product as can be invoiced and added to the capitalization, can be other than a frivolous waste of good money; so that what is withheld from current academic expenditure is felt to be saved, while that expenditure which leaves a tangible residue of (perhaps useless) real estate is, by force of ingrained habit, rated as new investment.
Source: Wikisource

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