Word: veblen
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Dates: during 1990-1999
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Forget Wall Street. More than 75 years ago, a Stanford University economist named Thorstein Veblen predicted that one day, engineers would be the true masters of the financial universe. It's technology that drives the economy, he argued, and since engineers create the stuff, it'll only be a matter of time before they come to their senses, seize power and undercut the venture capitalists and corporate bigwigs who make so much dough from other people's brilliant ideas. Veblen was right, it turns out. And though they never met, the man who would lead the revolution was a more...
Clark went on to found Silicon Graphics, Netscape and Healtheon, creating three multibillion-dollar companies. (So far.) I learned about Veblen--and loads about Clark--in Michael Lewis' new book, The New New Thing: A Silicon Valley Story (Norton; $25.95). It's a superb book and explains how engineers are the greatest creators of wealth in history and why Silicon Valley is the center of the universe (and how Clark came to be the center of the Valley). I tend to dislike most nonfiction, since so many writers approach their work as if they were doing the reader a favor...
Certification is important. Thorstein Veblen wrote in The Theory of the Leisure Class that the main challenge facing wealthy people is displaying--thus demonstrating the existence of--their wealth. In Veblen's day they did it by "conspicuous leisure"--not working. But today there is no prestige in not working. The fashion is for rich people to keep working very hard. Veblen's other suggestion was "conspicuous consumption"--spending a lot. But in the 1990s many folks have become rich beyond the practical ability to show it off by spending. The richest man in America has built a house that...
...Mark F. Veblen '99 defeated Adam S. Vaina '97 in the election. Veblen will assume chief organizational responsibility for the 1998 international conference, which he said will likely again be held in Paris...
...Veblen, who will soon begin interviewing potential board members, said he and his staff have much to do before next year's spring break trip...