Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
The thoughtful reader will note in this table the fact, that three of
these elements are objective, that is, outward and visible; and the
other three are subjective, that is, inward and invisible. Persons,
Efforts, Renderings, are seen and known of all men; Desires,
Estimates, Satisfactions, can be directly known only to the persons
who feel and make them. This is a peculiarity of Political Economy,
that has been far too little observed even when it has been observed
at all. Objective and subjective elements in it meet and mingle in
each transaction. Indeed, they alternate, as is shown in the table
above: first a Seen, and then an Unseen, Element throughout. It is
this commingling of outward and inward, visible and invisible, that
makes all the difficulty and gives all the fascination in Political
Economy. Whatever carries us into the steady though billowy play of
universal human nature is at once difficult and fascinating.
Quite contrary, however, to a common impression, the _certainty_ both
of action and prediction in all the other Sciences as well as in
Economics lies rather in the unseen elements than in those that are
seen. Take for an example the calculation of an eclipse: it is not so
much from what is visible in the heavens and on the earth that the
astronomer infers and predicts to the instant the shadow of one orb
thrown upon another, as it is from the wholly hidden but ever-enduring
forces of gravitation constantly relating these orbs one to the other.
So it is of the Sciences generally; progress is made in them and
certainties are reached in connection with them, "_while we look not
at the things which are seen, but at the things which are not seen;
for the things which are seen are but for a time; but the things which
are not seen are everlasting_." Invisible Desires and Satisfactions
felt in connection with Exchanges are among the most constant elements
of human nature; they, as it were, give birth to the relatively more
transient (though visible) data of Efforts and Renderings; while
inferences and conclusions and even predictions may be securely drawn
from all of these, giving a solid ground for Political Economy to
stand on,--almost as solid as the ground of the chief Physical
Sciences.
Public-domain text, read in full here on John Shaqi.
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