Question

what did thorstien velblen means by saying "products of past processes" and "adapted to past circumstamces"

Answer 1

Thorstein Veblen was referring to institutions(any organization founded for religious,educational,professional or social purposes) being "products of past processes" and "adapted to past circumstances". He was arguing about the ways in which modern technology shapes people's thoughts, habits and institutions for the matter of fact.
He also argued, how updated demands were not being met by institutions in the current world. Hence, he termed these institutions as not evolving or updating itself(product of past processes) and being adapted to past state of affairs only(adapted to past circumstances), which is the primary reason that there exists a gap between institutions and present demands of technology.