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“In his attack on marginal productivity theory, Veblen observed that many people on the top rungs of the business world forgo leisure for unremitting work; yet they are not productive, because they strive after self-serving pecuniary goals that add nothing in serviceability to the community at large. Inversely, given favorable institutional conditions, scientists with the leisure to follow the play of their idle curiosity may - fortuitously - make contributions that are productive. With no eye to practicality, they do create, now and then at least, socially beneficial knowledge. Such ideal institutional conditions were not, however, something every academic man or woman could count on, as Veblen knew.” — Charles Camic
In his attack on marginal productivity theory, Veblen observed that many people on the top rungs of the business world forgo leisure for unremitting work; yet they are not productive, because they strive after self-serving pecuniary goals that add nothing in serviceability to the community at large. Inversely, given favorable institutional conditions, scientists with the leisure to follow the play of their idle curiosity may - fortuitously - make contributions that are productive. With no eye to practicality, they do create, now and then at least, socially beneficial knowledge. Such ideal institutional conditions were not, however, something every academic man or woman could count on, as Veblen knew.