Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-12-07
A PLEA FOR THE STUDY OF ECO
N0NICS.

To the Editor Of the Register:
To The average man political economy
is a c0ngi0mera-iOn Of theories. He Op-
poses To- it the practical everyday real
.-ies of life and says that theories may
be pretty and interesting. but that is
ALL The Wri-er is willing enough 10 adj
init thar economics is not an exact sci
ence IT has for its subject matter the
relations OF men in society. and any
study which has TO deal with such re-
-3uOns must as yet De more q philOsO-
ply than science The economist in
ves,ig2-es The action of men under con-
dltlOns which are constantly changing
The saying hat human nature is always
and everywhere the same has no foun-
d3-iOn i'm fact Men have ideas and
feelings. but they are not mau-made.
They are bipr0ducts of human nature
and its environment.
II the above proposition is granted,
and it must be- we can see why ecOnOm-
les is not an exact science in the sense
that mathematics is. This generation
lives under conditions of which our
fathers never dreamed Forces, mater
ial, spiritual and social, affect us that
q century and q half ago had no eXis-
tence. In Other words. ours is not a
science of states, but of dynamics The
orthodox school has failed us in that
their laws We're statical Competition
has not remained the only force in the
business world. N0nopolistic tenden-
cieS are characteristic of modern bust
ness. and the caretative principle has g
very large province. Before we can
formulate absolute laws I'm this field,
laws that will hold as TO the future, we
must De able to- tell accurately what
man viii do under given conditions,
and to- predict with certainty what those
conditions will be.
But granted that il is body Of theO-
RES. What then? Man is pre-emi-
neuty q theOrizing animal. All settled
rules Of his life are based on theories,
and if he does not formulate such rules
he, lacks that which above everything
else DISTINGUISHES him from the brute.
In most economic activities we inYari-
ably act on theory. The farmer plants
his corn on the theory that iJ viii
Grow and ripen. If he raises il for mar
ket he believes that society will pur-
chase fl. If he receives money for il
ne feels sure that with money he can
buy whatever else he desires. These
are but the simplest theories. But
when we come to the general theories
of production. distribution and eX-
change. our problem becomes so intri-
CAFE that but few dare to consciously
glpp,e with them. Yet there are none
So ignorant as 10 have no opinions on
the tariff and money questions. Even
if they cannot walk they attempt to
run Now # we can CLEAN enough from
industrial and financial history to en-
able us TO determine what viii happen
under certain economic conditions, it
becomes then but question of fact as
IN future conditions Fortunately, TO
wish man rational selection is more or
less possible. The pre-eminenIly de-
sirable is most usually practically pos
sihle. But this is true only when we
understand the laws governing the phe-
n0men9 in question. and now is IL not
reasonable for us % say that we are
hest able TO formulate theories and laws
as 10 future conditions and reactions
along those lines of study with which We
are most familiar? So We may justly
reach the conclusion that all rational
selections along economic lines, and all
Intelligent financial legislation. depend
uDor the unders -anding of correct eco
ro-o;c Drincip'es. This. IL seems 20 the
vr.ter. IS sufficient justification for all
who would delve into the inuicacies of
this study. and It should De enough TO
give as q reason for saying thar all cit
;.-.,. -L,-,11 hay, nI-arV D0Ssfbln ODDOr-