Veblen's Instinct of Workmanship pg. 102-110

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 In chapter 3 entitled "The Savage State of the Industrial Arts", Veblen starts with his well known notion of the community stock of technological knowledge or as he often refers to it immaterial equipment. Well before Paul Romer and his Nobel prize, Veblen understood that economic growth and change was driven by changes in tools and know-how of humanity. Veblen's approach acknowledges that individuals come up with changes in tools use and ideas but that these individuals are immersed in a social and community setting.  This is the key connection that Veblen makes.  Individuals do have agency and do act but at the same time are immersed in a deep social network or setting that drives to some extent what we think about and our decision making processes.

 


There are a few underlying points or details that Veblen is at pains to make in this overall discussion.He points to the fact that at times certain specialists will be brought to bear.  And yet, he still argues that these experts still must rely on the knowledge of the community to get things done. Second, he notes that the growth of technological knowledge is tied to the size of the community.  Community size is particularly important to Veblen's ideas when the said community is of lower stage of development or more isolated. His final point is that a community that is broken up or fragmented by war or violence will also suffer a degradation in the stock of technological knowledge.

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