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
[8] See, for instance, the concluding chapters of La Riviere's _Ordre
Naturel des Societes Politiques_.
[9] E.g., Hasbach, _loc. cit._; Bonar, _Philosophy and Political
Economy_, Book II; Ritchie, _Natural Rights_.
THE PRECONCEPTIONS OF ECONOMIC SCIENCE[1]
II
Adam Smith's animistic bent asserts itself more plainly and more
effectually in the general trend and aim of his discussion than in the
details of theory. "Adam Smith's _Wealth of Nations_ is, in fact, so far
as it has one single purpose, a vindication of the unconscious law
present in the separate actions of men when these actions are directed
by a certain strong personal motive."[2] Both in the _Theory of the
Moral Sentiments_ and in the _Wealth of Nations_ there are many passages
that testify to his abiding conviction that there is a wholesome trend
in the natural course of things, and the characteristically optimistic
tone in which he speaks for natural liberty is but an expression of this
conviction. An extreme resort to this animistic ground occurs in his
plea for freedom of investment.[3]
In the proposition that men are "led by an invisible hand," Smith does
not fall back on a meddling Providence who is to set human affairs
straight when they are in danger of going askew. He conceives the
Creator to be very continent in the matter of interference with the
natural course of things. The Creator has established the natural order
to serve the ends of human welfare; and he has very nicely adjusted the
efficient causes comprised in the natural order, including human aims
and motives, to this work that they are to accomplish. The guidance of
the invisible hand takes place not by way of interposition, but through
a comprehensive scheme of contrivances established from the beginning.
For the purpose of economic theory, man is conceived to be consistently
self-seeking; but this economic man is a part of the mechanism of
nature, and his self-seeking traffic is but a means whereby, in the
natural course of things, the general welfare is worked out. The scheme
as a whole is guided by the end to be reached, but the sequence of
events through which the end is reached is a causal sequence which is
not broken into episodically. The benevolent work of guidance was
performed in first establishing an ingenious mechanism of forces and
motives capable of accomplishing an ordained result, and nothing beyond
the enduring constraint of an established trend remains to enforce the
divine purpose in the resulting natural course of things.
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.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account