As increased industrial efficiency makes it possible to procure the means of livelihood with less labor, the energies of the industrious members of the community are bent to the compassing of a higher result in conspicuous expenditure, rather than slackened to a more comfortable pace. ...this want ...is indefinitely expansible, after the manner commonly imputed in economic theory to higher or spiritual wants. It is owing chiefly to the presence of this element in the standard of living that J. S. Mill was able to say that "hitherto it is questionable if all the mechanical inventions yet made have lightened the day's toil of any human being."
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Veblen (1899) The Theory of the Leisure Class: An Economic Study of InstitutionsThorstein Veblen
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As increased industrial efficiency makes it possible to procure the means of livelihood with less labor, the energies of the industrious members of the community are bent to the compassing of a higher result in conspicuous expenditure, rather than slackened to a more comfortable pace.
Thorstein Veblen
True intellectual culture and the demand for higher interests in life does not become possible until man has achieved a certain material standard of living, which makes him capable of these. Without this preliminary any higher intellectual aspirations are quite out of the question. Men who are constantly threatened by direst misery can hardly have much understanding of the higher cultural values. Only after the workers, by decades of struggle, had conquered for themselves a better standard of living could there be any talk of intellectual and cultural development among them. But it is just these aspirations of the workers which the employers view with deepest distrust. For capitalists as a class, the well-known saying of the Spanish minister, Juan Bravo Murillo, still holds good today:"We need no men who can think among the workers; what we need is beasts of toil."
Rudolf Rocker
One basic weakness in a conservation system based wholly on economic motives is that most members of the land community have no economic value. Wildflowers and songbirds are examples. Of the 22,000 higher plants and animals native to Wisconsin, it is doubtful whether more than 5 per cent can be sold, fed, eaten, or otherwise put to economic use. Yet these creatures are members of the biotic community, and if (as I believe) its stability depends on its integrity, they are entitled to continuance.
Aldo Leopold
I am in full agreement, also, with Dr. Hayek's rebuttal of John Stuart Mill's well-known dictum that "there cannot, in short, be intrinsically a more insignificant thing, in the economy of society, than money," which he expresses admirably in the following passage from his last lecture: "it means also that the task of monetary theory is a much wider one than is commonly assumed; that its task is nothing less than to cover a second time the whole field which is treated by pure theory under the assumption of barter, and to investigate what changes in the conclusions of pure theory are made necessary by the introduction of indirect exchange. The first step towards a solution of this problem is to release monetary theory from the bonds which a too narrow conception of its task has created."
Friedrich Hayek
Veblen, Thorstein
Vedder, Eddie
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