Omaha daily bee., 1893-10-01


popularity. He sees the Increased weight
given to professional opinions in Euro
pean countries, the increased participa-
ton OF professors of economics in legis-
lation and governmental work and the
increased acceptance of the doctrines to
which he subscribes. In the United
States the movement has been percepti-
bic, though not rapid. The recognized
leader of the American school of eco
Monies was at the head of two censuses
preceding the last. College professors
have had places on various executive or
Legislative commissions under the fed
eral government as we'll rs less desirable
positions on state tax commissions or
other bodies having only recommending
powers. They are frequently invited to
make addresses at banquets given by
representative men. They are some
times quoted upon topics of the day in
newspapers of the more pretentious
grade. But as to being looked upon as
authorities in their branch of science,
they have still a considerable journey to
make. Popularity, to be sure, does not
necessarily involve with it an influence
over the action of the people, but the
latter usually follows upon the heels of
the former.
If political economy is still viewed by
many as a dismal science, too theoretical
for practical purposes, some of tho
blame must be laid at the doors of the
teachers themselves. The professor of
political economy in this country has
Deer too wrapped up in himself: he has
addressed himself almost exclusively to
the small circle of professional econo-
mists and regards with disdainful con-
tempt anything that savors of catering
to a popular clientage. He has adopted
a most technical nomenclature and he
has written the results of his investiga-
tions in a language not understood by
the common people. He has secured q
select and limited audience because he
has sought no other.
A peculiar incident illustrative of this
exclusive attitude of the professional
political economist occurred recently in
Chicago at the annual meeting of the
American Economic association. A pro-
lessor in one of the leading universities
had read a paper upon theories of inter-
est and the subject was declared open
for discussion. An outsider secured per-
mission TO participate and ventured in a
delicately bashful way to criticize the
position that had been taken. Instead
OF fatty c~ontradicting the statement
that had been put forth he simply asked
where the author had found authority
for the assertion made. The professor,
however, u~nacquainted with the ques-
tione whom he evidently classed with
the inquisitive populace, retorted by re-
ferring to the listrof authorities in a
certain book and gratuitously supplied
the further information that the book
had been translated into English. He
was in this instance, mistaken as to the
extent of his critics knowledge of
economics but he succeeded tin showing
the attitude which is too often assumed
by the professional political economist.
If the professors hope to see political
economy restored to it's early popularity
they will have to dc more than they are
now doing to make it popular. They
will have to recognize that they are not
the sole possessors of economic knowl-
edge and they must be more willing to
accept popular solutions of problems so
soon as they have proven successful.
They must be ready not only to criticize
public action, but also to direct it. And
with the popularity of political economy
will also come the influence of the polit-
ical economist with The common people.