Investing · Western classics

Thorstein Veblen:The Theory of the Leisure Class, Excerpt 89

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

For the present purpose, however, the question as to the nature of the adaptive process--whether it is chiefly a selection between stable types of temperament and character, or chiefly an adaptation of men's habits of thought to changing circumstances--is of less importance than the fact that, by one method or another, institutions change and develop. Institutions must change with changing circumstances, since they are of the nature of an habitual method of responding to the stimuli which these changing circumstances afford. The development of these institutions is the development of society. The institutions are, in substance, prevalent habits of thought with respect to particular relations and particular functions of the individual and of the community; and the scheme of life, which is made up of the aggregate of institutions in force at a given time or at a given point in the development of any society, may, on the psychological side, be broadly characterized as a prevalent spiritual attitude or a prevalent theory of life. As regards its generic features, this spiritual attitude or theory of life is in the last analysis reducible to terms of a prevalent type of character.

Source: https://www.gutenberg.org/ebooks/833
Locator:Excerpt 89 · 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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