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
and much organization both by the state and private bodies. These four
conditions can be reduced to two. The community we are studying must
have reached such a stage of development that its economic functions and
those immediately cognate to them form a well-defined group, and
adequate means must be available so that we can, as it were, watch the
performance of these functions and test our hypotheses and conclusions
by observation and experience.
It is easy to understand, therefore, why we trace the beginnings of
economics, so far as England is concerned, in the 16th century, and why
the application of strict scientific tests in this subject of human
study has become possible only in comparatively recent times. Medieval
economics was little more than a casuistical system of elaborate and
somewhat artificial rules of conduct. From the close of the middle ages
until the middle of the 18th century thousands of pamphlets and other
works on economic questions were published, but the vast majority of the
writers have little or no scientific importance. Their works frequently
contain information given nowhere else, and throw much light on the
state of opinion in the age in which they wrote. It is also possible to
find in them many anticipations of the views of the economists of later
times; but such statements were as a rule generated merely by the heat
of controversy on some measure or event of practical importance, and
when the controversy died down were seldom regarded or incorporated in a
scientific system. Trade bias, personal impressions and guesswork took
the place of scientific method. This was inevitable in the absence of
trustworthy information on an adequate scale, and from the immediately
practical aims of the writers. But from the end of the 17th century
economics has been definitely recognized as a subject of scientific
study.
Necessity of economic science.
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