what did Thorstien Veblen mean by the statement "Institutions are products of the past processes. They...

what did Thorstien Veblen mean by the statement "Institutions are products of the past processes. They are adapted to past cicumstances ans therefore never in full accord with the requirements of the present"

Expert Solution

Thorstien Veblen means to say through the statement that there is always a progressive change, progress and creation of new scenarios in the economy for community and society. Hence, institutions that are create on the basis of selective adaptation, are only good for those situations on the basis of that, institutions are created. It means, the moment an institution is created, it becomes only good for those issues, situations and scenarios that had been taken place before the existence. But, after the creation of institutions , new scenarios are created and it brings new challenges that can not be resolved by the institutions as they are good for the past, but not for the present changes taking place. According to Thorstien Veblen, once the new scenario is created, it becomes obsolete as it becomes ready to be replaced by another new scenario or issues or challenges. Hence, no institution can be always good to solve present issues ans become adapt to it. It is the message, being conveyed by Thorstien Veblen.

Rahul Sunny answered 2 years ago

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