The basic facts of economics : $b A common-sense primer for advanced studentsPost, Louis F. (Louis Freeland)
General
The basic facts of economics : $b A common-sense primer for advanced students
Post, Louis F. (Louis Freeland)
Economics
In the process, then, of making a living, mankind trades commodities
in terms of Money rather than in its forms, doing so principally
through financial accounts. Peering into the details of those accounts
(as professional accountants and other business specialists must often
do when examining the particulars of their respective specialties),
however useful this may be within the limits of the specialization,
is always futile and often confusing or misleading for purposes of
Economic study or investigation as a whole. In Economics the purpose is
not to understand the technical details of business specialties simply.
It is chiefly to relate those details to one another by determining
their respective Economic categories so that the whole subject may be
reasoned about comprehensively.
Some business specialties may necessitate a knowledge in detail of the
physical characteristics of sugar, for instance, or of cotton; but
what an understanding of the science of Economics requires in such
particulars is an intelligent grasp of the nature of sugar or cotton
with reference to fundamental Economic categories--whether they are
human, or natural, or artificial,--and to what extent, therefore, they
are Economically related to all other commodities in the realm of
trade. For into one or the other of those three categories, all the
myriads of Economic details assemble themselves.
For purposes of Economic specialization, this assignment of details
to categories is not enough; but without it no specialization is
dependable. Some such identification of particular facts with reference
to their fundamental differences or identities, is absolutely necessary
for accurate observation of Economic phenomena and clearness of
Economic thought; and are not accurate observation and clarity of
thought the prime requisites of Economic study?
Not to make those identifications and differentiations is to
turn Economics into the hopeless mixture of “masses of particular
unexplained facts” which John Morley deplored as characteristic of a
certain type of Economic science. “Scraps and pickings of reality” are
worse than useless in any study of Economic science unless harmoniously
classified according to their respective fundamental characteristics.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account