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
Precisely wherein the social and political sciences, including
economics, fall short of being evolutionary sciences, is not so plain.
At least, it has not been satisfactorily pointed out by their critics.
Their successful rivals in this matter--the sciences that deal with
human nature among the rest--claim as their substantial distinction that
they are realistic: they deal with facts. But economics, too, is
realistic in this sense: it deals with facts, often in the most
painstaking way, and latterly with an increasingly strenuous insistence
on the sole efficacy of data. But this "realism" does not make economics
an evolutionary science. The insistence on data could scarcely be
carried to a higher pitch than it was carried by the first generation of
the Historical School; and yet no economics is farther from being an
evolutionary science than the received economics of the Historical
School. The whole broad range of erudition and research that engaged the
energies of that school commonly falls short of being science, in that,
when consistent, they have contented themselves with an enumeration of
data and a narrative account of industrial development, and have not
presumed to offer a theory of anything or to elaborate their results
into a consistent body of knowledge.
Any evolutionary science, on the other hand, is a close-knit body of
theory. It is a theory of a process, of an unfolding sequence. But here,
again, economics seems to meet the test in a fair measure, without
satisfying its critics that its credentials are good. It must be
admitted, _e.g._, that J. S. Mill's doctrines of production,
distribution, and exchange, are a theory of certain economic processes,
and that he deals in a consistent and effective fashion with the
sequences of fact that make up his subject-matter. So, also, Cairnes's
discussion of normal value, of the rate of wages, and of international
trade, are excellent instances of a theoretical handling of economic
processes of sequence and the orderly unfolding development of fact.
But an attempt to cite Mill and Cairnes as exponents of an evolutionary
economics will produce no better effect than perplexity, and not a great
deal of that. Very much of monetary theory might be cited to the same
purpose and with the like effect. Something similar is true even of late
writers who have avowed some penchant for the evolutionary point of
view; as, _e.g._, Professor Hadley,--to cite a work of unquestioned
merit and unusual reach. Measurably, he keeps the word of promise to the
ear; but any one who may cite his _Economics_ as having brought
political economy into line as an evolutionary science will convince
neither himself nor his interlocutor. Something to the like effect may
fairly be said of the published work of that later English strain of
economists represented by Professors Cunningham and Ashley, and Mr.
Cannan, to name but a few of the more eminent figures in the group.
Public-domain text, read in full here on John Shaqi.
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