Journal of Political Economy Vol. 23 No. 6 1915
Economic Theory and "Social Reform"
Abstract
among unsolved economic problems. Yet conflicting theories of the development of political economy involve this quest for the ultimate. One school insists that the history of theory is the record of an orderly and progressive development toward the goal of eternal economic verity. Another maintains that bodies of eco? nomic doctrine are mere isolated attempts theoretically to vindicate contemporary industrial "systems," with their conglomerate med? leys of special interests. The former beholds an unfolding from within; the latter discerns a directive movement from without. The chasm yawning between is occupied by innumerable inter? mediate theories, expressive of a compromise of the two extremes in every possible permutation. Despite such basic differences, theorists are nevertheless agreed in assigning a place in the development of doctrine to external cir? cumstance, which includes, among other things, the literature of protest. According to the school first mentioned its function is to dispense the inspiration of provocation; to compel a more syste? matic and thorough analysis of problems; to induce a more careful and critical statement of principles; in short, in the old-fashioned way, to play the part of temptation in the formation of staunch character. In the eyes of the latter its presence is proof that older theories are out of keeping with existing fact; its increase in volume attests the impossibility of finding relevancy by refining abstrac? tions; and its function is to draw theory away from scholastic speculation back to the concerns of life. Differ as they may as to the nature of their influence, the schools are agreed that the thrilling crises in the history of theory center about the names of such protestants as Quesnay and Smith and Bentham, of George and Marx,, of Hobson and Veblen.
- DOI
- 10.1086/252678
- Volume
- 23
- Issue
- 6
- Pages
- 562-584
- Language
- en
- Sources
- semanticscholar openalex crossref