Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
Moral Sciences are those concerned with the classifications and laws
of action belonging to beings having Thoughts and Desires and Will.
The most developed of these sciences at present are Metaphysics,
Ethics, and Economics. Each of these is concerned with a single class
of phenomena, which may be exactly conceived of and defined, and is
open to the logical processes by which alone Sciences can be built up.
But Induction cannot march up with quite so sure a stride, nor
Deduction descend with so large degrees of certainty, in relation to
_persons_ endowed with free-will, as in relation to physical
substances held firm in the grip of unvaried law. Still, the doubt
always attaches far more to the actions of an _individual_ than to the
actions of the _masses_ of men. It is much easier to know human nature
in general, than one man in particular, because many Inductions guided
by observation and History make it almost certain how masses of men
will act under a given set of conditions, while any one _may_ act in a
contrary way. Deduction, accordingly, cannot hold quite the same place
in the Moral Sciences so far as individuals are concerned, as it holds
in the Physical and Exact Sciences; but this lack is perhaps more
than made up by other advantages. _Experience_ in the moral sciences
corresponds to _Experiments_ in the physical sciences. Then there is
the great advantage of _Introspection_; since each man has within
himself the means of interpreting and testing the inductions of
Metaphysics, Ethics, and Economics. Then also there is the great
resource of _Feigned Cases_, which, provided only they be cases
possible to occur, open up to Reasoning a new means of proving and
correcting. Besides these, which it enjoys in common with them,
Economics, as we shall soon see, possesses one other great advantage
over and above the rest of the Moral Sciences.
Public-domain text, read in full here on John Shaqi.
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