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
of consumption upon production and distribution is, on the whole,
quantitative only.
Adam Smith's preconception of a normal teleological order of procedure
in the natural course, therefore, affects not only those features of
theory where he is avowedly concerned with building up a normal scheme
of the economic process. Through his normalising the chief causal factor
engaged in the process, it affects also his arguments from cause to
effect.[21] What makes this latter feature worth particular attention
is the fact that his successors carried this normalisation farther, and
employed it with less frequent reference to the mitigating exceptions
which Adam Smith notices by the way.
The reason for that farther and more consistent normalisation of human
nature which gives us the "economic man" at the hands of Adam Smith's
successors lies, in great part, in the utilitarian philosophy that
entered in force and in consummate form at about the turning of the
century. Some credit in the work of normalisation is due also to the
farther supersession of handicraft by the "capitalistic" industry that
came in at the same time and in pretty close relation with the
utilitarian views.
* * * * *
After Adam Smith's day, economics fell into profane hands. Apart from
Malthus, who, of all the greater economists, stands nearest to Adam
Smith on such metaphysical heads as have an immediate bearing upon the
premises of economic science, the next generation do not approach their
subject from the point of view of a divinely instituted order; nor do
they discuss human interests with that gently optimistic spirit of
submission that belongs to the economist who goes to his work with the
fear of God before his eyes. Even with Malthus the recourse to the
divinely sanctioned order of nature is somewhat sparing and temperate.
But it is significant for the later course of economic theory that,
while Malthus may well be accounted the truest continuer of Adam Smith,
it was the undevout utilitarians that became the spokesmen of the
science after Adam Smith's time.
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