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
The prime postulate of evolutionary science, the preconception
constantly underlying the inquiry, is the notion of a cumulative causal
sequence; and writers on economics are in the habit of recognising that
the phenomena with which they are occupied are subject to such a law of
development. Expressions of assent to this proposition abound. But the
economists have not worked out or hit upon a method by which the inquiry
in economics may consistently be conducted under the guidance of this
postulate. Taking Professor Marshall as exponent, it appears that, while
the formulations of economic theory are not conceived to be arrived at
by way of an inquiry into the developmental variation of economic
institutions and the like, the theorems arrived at are held, and no
doubt legitimately, to apply to the past,[19] and with due reserve also
to the future, phases of the development. But these theorems apply to
the various phases of the development not as accounting for the
developmental sequence, but as limiting the range of variation. They say
little, if anything, as to the order of succession, as to the derivation
and the outcome of any given phase, or as to the causal relation of one
phase of any given economic convention or scheme of relations to any
other. They indicate the conditions of survival to which any innovation
is subject, supposing the innovation to have taken place, not the
conditions of variational growth. The economic laws, the "statements of
uniformity," are therefore, when construed in an evolutionary bearing,
theorems concerning the superior or the inferior limit of persistent
innovations, as the case may be.[20] It is only in this negative,
selective bearing that the current economic laws are held to be laws of
developmental continuity; and it should be added that they have hitherto
found but relatively scant application at the hands of the economists,
even for this purpose.
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