Thus fear of government and desire to limit its operations, because
they were hostile to the development of the new agencies of production
and distribution of services and commodities, received powerful
reënforcement. The economic movement was perhaps the more influential
because it operated, not in the name of the individual and his inherent
rights, but in the name of Nature. Economic “laws,” that of labor
springing from natural wants and leading to the creation of wealth, of
present abstinence in behalf of future enjoyment leading to creation
of capital effective in piling up still more wealth, the free play
of competitive exchange, designated the law of supply and demand,
were “natural” laws. They were set in opposition to political laws as
artificial, man-made affairs. The inherited tradition which remained
least questioned was a conception of Nature which made Nature something
to conjure with. The older metaphysical conception of Natural Law
was, however, changed into an economic conception; laws of nature,
implanted in human nature, regulated the production and exchange of
goods and services, and in such a way that when they were kept free
from artificial, that is political, meddling, they resulted in the
maximum possible social prosperity and progress. Popular opinion is
little troubled by questions of logical consistency. The economic
theory of _laissez-faire_, based upon belief in beneficent natural laws
which brought about harmony of personal profit and social benefit, was
readily fused with the doctrine of natural rights. They both had the
same practical import, and what is logic between friends? Thus the
protest of the utilitarian school, which sponsored the economic theory
of natural law in economics, against natural right theories had no
effect in preventing the popular amalgam of the two sides.
Public-domain text, read in full here on John Shaqi.
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