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
There is no method of investigation which is peculiarly economic or of
which economics has the monopoly. In every age economists have applied
the methods ordinarily in use amongst scientific men. There would
probably have been no controversy at all on this subject but for the
fact that economics was elaborated into systematic form, and made the
basis of practical measures of the greatest importance, long before the
remarkable development in the 19th century of historical research,
experimental science and biology. The application of the _a priori_
method in economics was an accident, due to its association with other
subjects and the general backwardness of other sciences rather than any
exceptional and peculiar character in the subject-matter of the science
itself. The methods applied to economics in the 18th and the early part
of the 19th century were no more invented with a special view to that
subject than the principles of early railway legislation, in the domain
of practical policy, were devised with a special view to what was then a
new means of transport. As a matter of fact, discussions of method and
the criticism of hypotheses and assumptions are very rarely found in
early economic works. It is only by reference to the prevailing ideas in
philosophy and politics that we can discover what was in the minds of
their authors. The growth of a science is much like the growth of a
constitution. It proceeds by adaptation and precedent. The scientific
and historical movement of the 19th century was revolutionary in
character. When it began to affect economics, many people were afraid
that the whole fabric of science would be destroyed and the practical
gains it had achieved, jeopardized. These fears were justified, in so
far as those who entertained them shut their eyes to everything new and
assumed an attitude of no compromise. Where the newer methods were
assimilated, the position of economics was strengthened and its
practical utility increased. General discussion of method, however, is
rarely profitable. In all branches of economics, even in what is called
the pure theory, there is an implied reference to certain historical or
existing conditions of a more or less definite character; to the
established order of an organized state or other community, at a stage
of development which in its main features can be recognized. In all
economic investigation assumptions must be made, but we must see that
they are legitimate in view of the actual life and character of the
community or communities which are the subject of investigation. In
common with other sciences, economics makes use of "abstractions"; but
if for some problems we employ symbolic processes of reasoning, we must
keep clearly in view the limits of their significance, and neither endow
the symbols with attributes they can never possess, nor lose sight of
the realities behind them. Every hypothesis must be tested by an appeal
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