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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INTRODUCTORY 81 for two reasons. It is of value, in the first place, because what actually happens fre quently approximates to the long-period theoretical result though it never exactly corresponds with it ; and in the second place, because no movement can be understood till the forces producing it are understood, whether a force is ever left in unrestrained freedom for as long as it lasts or not. The economics of this book will be concerned almost exclusively with long-period results. These results are known as normal. In contrast with them short-period results are sometimes described as the sub-normal. The reader must be particularly careful not to fall into the error made by a writer who complained that the assumption of the long- period expresses a “ theory of perfectibility,” and implies a “ possible state of perfection in the material world.” He judged that “ it is difficult to be so confident about the present trend of our social and economic strivings as to continue to use the words ‘ in the long run ’ with any boisterous hope fulness.” The reader will understand that the phrase “ in the long run ” expresses neither optimism nor pessimism, but simply that use is being made of the kind of hypo thesis on which all deductive science is based.

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