Journal of Political Economy Vol. 26 No. 4 1918
Political Economy and Social Process
Abstract
I had formerly some claim to be called an economist, having taken a Doctor's degree in that subject in x894. Having since that time devoted myself to sociology it is only recently that I have endeavored to recover my economic foothold by reading those current books that seem to have most acceptance. The following paper is in the way of general comment on this reading. The science and philosophy of the present day strives to see everything as part of a process, as growing out of the past under the operation of ascertainable laws, and giving rise, in a similar way, to the future. What should this mean as applied to economics ? What should we expect of a doctrine of economic process? Such a doctrine should, of course, embrace something corresponding to the theory of production, exchange, valuation, competition, and the like which we now study in the textbooks; but it should do much more than this: it should show these immediate processes as consistent and intelligible parts of economic process at large; it should enable us to understand their human significance and to act wisely with reference to them. Practical guidance is what we have a right to ask of every social science, and that we may have this, special phenomena must be seen in the light of their larger relations. An adequate doctrine must, then, take account in the largest possible way of the economic movement with a view to rational social action for economic welfare. Where economics falls short of this it fails of its essential function; and if it does fall short, if the function cannot be fulfilled immediately, it should not for a moment be abandoned as an idea; we should keep it in view and be content with no substitute.
- DOI
- 10.1086/253093
- Volume
- 26
- Issue
- 4
- Pages
- 366-374
- Language
- en
- Sources
- semanticscholar openalex crossref