Investing · Western classics
Thorstein Veblen:The Theory of the Leisure Class, Excerpt 129
Thorstein Veblen《The Theory of the Leisure Class》· The Theory of the Leisure Class · Investing
In so far as the individual's inherited aptitudes or his training incline him to account for facts and sequences in other terms than those of causation or matter-of-fact, they lower his productive efficiency or industrial usefulness. This lowering of efficiency through a penchant for animistic methods of apprehending facts is especially apparent when taken in the mass-when a given population with an animistic turn is viewed as a whole. The economic drawbacks of animism are more patent and its consequences are more far-reaching under the modern system of large industry than under any other. In the modern industrial communities, industry is, to a constantly increasing extent, being organized in a comprehensive system of organs and functions mutually conditioning one another; and therefore freedom from all bias in the causal apprehension of phenomena grows constantly more requisite to efficiency on the part of the men concerned in industry. Under a system of handicraft an advantage in dexterity, diligence, muscular force, or endurance may, in a very large measure, offset such a bias in the habits of thought of the workmen.
Source:
https://www.gutenberg.org/ebooks/833
Locator:Excerpt 129 · Verified:2026-10-19 · Verification:Short excerpt
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Does this passage change one judgment about money or risk today?
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