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Thorstien Velblen say " institutions are products of the processes. They are adapted to past circumstamces...

Thorstien Velblen say " institutions are products of the processes. They are adapted to past circumstamces and therefore never in full accord with the requirements of the present".    What do you think he meant by that statement?

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Answer #1

The above statement stated by veblen is a critique of Institutions and how they are ineffective in meeting the changing needs of the environment around them.

Veblen has tried to focus on the selective adaptation of these institutions by mentioning that these institutions are inherited by an economy from past and they are selectively chosen to survive by the government, however society needs and requirements changes continuously and society is quite adaptable to new changes while on the other hand these institutions who are selectively kept alive do not changes as per the requirements of society and adapts quite late to the new situation. This makes these institutions obsolete overtime with the changing generations.

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