Investing · Western classics

Thorstein Veblen:The Theory of the Leisure Class, Excerpt 136

Thorstein Veblen《The Theory of the Leisure Class》· The Theory of the Leisure Class · Investing

It has already been pointed out that these latter classes, which live by, rather than in, the industrial process, are roughly comprised under two categories (1) the leisure class proper, which is shielded from the stress of the economic situation; and (2) the indigent classes, including the lower-class delinquents, which are unduly exposed to the stress. In the case of the former class an archaic habit of mind persists because no effectual economic pressure constrains this class to an adaptation of its habits of thought to the changing situation; while in the latter the reason for a failure to adjust their habits of thought to the altered requirements of industrial efficiency is innutrition, absence of such surplus of energy as is needed in order to make the adjustment with facility, together with a lack of opportunity to acquire and become habituated to the modern point of view. The trend of the selective process runs in much the same direction in both cases.

Source: https://www.gutenberg.org/ebooks/833
Locator:Excerpt 136 · 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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