Encyclopaedia Britannica, 11th Edition, "Echinoderma" to "Edward, prince of Wales": Volume 8, Slice 10Various
Science
Encyclopaedia Britannica, 11th Edition, "Echinoderma" to "Edward, prince of Wales": Volume 8, Slice 10
Various
Encyclopedias and dictionaries
It is evident that no permanent classification is possible of what is or
is not of economic significance. No general rules, applicable to all
times, can be laid down as to what phenomena must be examined or what
may be neglected in economic inquiry. The different departments of human
activity are organically connected, and all facts relating to the life
of a community have a near or remote economic significance. For short
historical periods, indeed, many phenomena are so remotely connected
with the ordinary business of life that we may ignore them. But at any
moment special causes may bring into the field of economic inquiry whole
departments of life which have hitherto been legitimately ignored. In
times past, biblical exegesis, religious ideals, and ecclesiastical
organization, the purely political aims of statesmen, chance
combinations of party politics and the intrigues of diplomatists, class
prejudice, social conventions, apparently sudden changes of economic
policy, capricious changes of fashion--all these causes and many others
have exerted a direct and immediate influence on the economic life of
the community. In our own day we have had many illustrations of the
manner in which special circumstances may at once bring an almost
unnoticed series of scientific investigations into direct and vital
relation with the business world. The economist must, therefore, not
only be prepared to take account of the physical features of the world,
the general structure and organization of the industry and commerce of
different states, the character of their administration and other
important causes of economic change. He must be in touch with the actual
life of the community he is studying, and cultivate "that openness and
alertness of the mind, that sensitiveness of the judgment, which can
rapidly grasp the significance of at first sight unrelated discoveries
or events."
Some people are of opinion that the factors to be taken account of in
economic investigation are so numerous that progress on these lines is
impossible. It would certainly be impossible if we had to begin _de
novo_ to construct the whole fabric of economic science. But, as we
shall see, it is no more necessary to do this in the world of science
than it is in the world of business or politics. There is in existence a
vast store of accumulated knowledge, and few, if any, departments of
economics have been left quite unilluminated by the researches of former
generations. Progress is the result of adaptation rather than
reconstruction. It must be remembered also that economic work in modern
times is carried on by consciously or unconsciously associated effort,
and although it must always require high qualities of judgment, capacity
and energy, many of the difficulties which at first sight appear so
insuperable give way when they are attacked. In some ways also the study
of highly developed organizations like the modern industrial state is
simpler than that of earlier forms of society.
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