A history of economic doctrines : $b from the time of the physiocrats to the present dayGide, Charles
History
A history of economic doctrines : $b from the time of the physiocrats to the present day
Gide, Charles
Economics -- History
We have already noticed that the conception of the “natural order”
underwent considerable modification during the period which intervened
between the writings of the Physiocrats and the appearance of the _Wealth
of Nations_. The Physiocrats regarded the “order” as one that was to be
realised, and the science of political economy as essentially normative.
For Smith it was a self-realising order. This spontaneity of the economic
world is analogous to the vitality of the human body, and is capable
of triumphing over the artificial barriers which Governments may erect
against its progress. Practical political economy is based upon a
knowledge of the economic constitution of society, and its sole aim is to
give advice to statesmen. According to Say, this definition concedes too
much to practice. Political economy, as he thinks, is just the science of
this “spontaneous economic constitution,” or, as he puts it in 1814, it
is a study of the laws which govern wealth.[263] It is, as the title of
his book suggests, simply an exposition of the production, distribution,
and consumption of wealth. It must be distinguished from politics, with
which it has been too frequently confused, and also from statistics,
which is a simple description of particular facts and not a science of
co-ordinate principles at all.
Political economy in Say’s hands became a purely theoretical and
descriptive science. The _rôle_ of the economist, like that of the
savant, is not to give advice, but simply to observe, to analyse, and
to describe. “He must be content to remain an impartial spectator,” he
writes to Malthus in 1820. “What we owe to the public is to tell them
how and why such and such a fact is the consequence of another. Whether
the conclusion be welcomed or rejected, it is enough that the economist
should have demonstrated its cause; but he must give no advice.”[264]
Public-domain text, read in full here on John Shaqi.
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