The Place of Science in Modern Civilisation, and Other EssaysVeblen, Thorstein
Philosophy
The Place of Science in Modern Civilisation, and Other Essays
Veblen, Thorstein
Economics; Science
For this later development in the classical line of political economy,
Mr. Keynes's book may fairly be taken as the maturest exposition of the
aims and ideals of the science; while Professor Marshall excellently
exemplifies the best work that is being done under the guidance of the
classical antecedents. As, after a lapse of a dozen or fifteen years
from Cairnes's days of full conviction, Mr. Keynes interprets the aims
of modern economic science, it has less of the "hypothetical" character
assigned it by Cairnes; that is to say, it confines its inquiry less
closely to the ascertainment of the normal case and the interpretative
subsumption of facts under the normal. It takes fuller account of the
genesis and developmental continuity of all features of modern economic
life, gives more and closer attention to institutions and their history.
This is, no doubt, due, in part at least, to impulse received from
German economists; and in so far it also reflects the peculiarly vague
and bewildered attitude of protest that characterises the earlier
expositions of the historical school. To the same essentially extraneous
source is traceable the theoretic blur embodied in Mr. Keynes's attitude
of tolerance towards the conception of economics as a "normative"
science having to do with "economic ideals," or an "applied economics"
having to do with "economic precepts."[13] An inchoate departure from
the consistent taxonomic ideals shows itself in the tentative resort to
historical and genetic formulations, as well as in Mr. Keynes's
pervading inclination to define the scope of the science, not by
exclusion of what are conceived to be non-economic phenomena, but by
disclosing a point of view from which all phenomena are seen to be
economic facts. The science comes to be characterised not by the
delimitation of a range of facts, as in Cairnes,[14] but as an inquiry
into the bearing which all facts have upon men's economic activity. It
is no longer that certain phenomena belong within the science, but
rather that the science is concerned with any and all phenomena as seen
from the point of view of the economic interest. Mr. Keynes does not go
fully to the length which this last proposition indicates. He finds[15]
that political economy "treats of the phenomena arising out of the
economic activities of mankind in society"; but, while the discussion by
which he leads up to this definition might be construed to say that all
the activities of mankind in society have an economic bearing, and
should therefore come within the view of the science, Mr. Keynes does
not carry out his elucidation of the matter to that broad conclusion.
Neither can it be said that modern political economy has, in practice,
taken on the scope and character which this extreme position would
assign it.
Public-domain text, read in full here on John Shaqi.
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