Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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22 POLITICAL ECONOMY religion to a shoe-black,” as Leslie Stephen expressed it—but the conceptions of demand and supply were seldom precise, and were not infrequently erroneous. They proved as treacherous to the inexpert as the conception of evolution has proved since to shallow thinkers in the biological and mental sciences. Theories tend to crystallise into formulae expressing half-truths, and these get to be fitted unthinkingly to facts to which they are alien. In this connection it behoves us to bear in mind that the marginal theory, like the old notions of demand and supply, will increasingly cease to be an exception to the rule. Already, indeed, instances could be recorded of pontifical pronouncements, made on the strength of mechanical resort to the marginal theory, where a penetrating study of the living facts could alone justify even the least dogmatic of utterances. To the limitations of the use of the marginal theory and the need of supplementing it invariably with direct observation, reference will be made again and in more detail. It must now be our aim to get a grasp of the nature and difficulties of scientific explanation within the economic domain. It has been declared by some that society

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