The Economic Review, 1894, Vol. 4

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Excerpt from The Economic Review, 1894, Vol. 4: Published Quarterly for the Oxford University Branch of the Christian Social Union IN commencing the work of another session, I have determined to make a beginning by speaking for a little about the blunders of economists. Those who recognize most clearly the advantage which may be derived from the careful and thorough study of economic phenomena, will be most ready to admit that there is a grave responsibility in connection with such investiga tions, that a mistaken opinion may be fraught with disastrous consequences, and that a little knowledge may a very real danger, if it is over-valued. A word of caution about the special errors to which economists are most prone, will at least serve to reiterate, in another form, the point on which I have often insisted as to the necessity of carefully examining the ordinary methods of economic study. There is a disposition in some quarters to treat the discussion of this topic as idle and futile, I trust I may at least be able to make clear some of the reasons I have for regarding it as a matter of primary import ance. I shall have to point out some serious blunders which were made, not by reckless or stupid men, but by first-rate students, and which arose, as it seems to me, from insuficient attention to the nature and limits of the method of study they were pursuing, they did not habitually ask themselves how far their were hypothetical, and how far they were deal ing with actual phenomena. Only by keeping before us the precise nature of the instruments we use, can we hope to avoid the danger of falling into confusions that may possibly tend to bring about serious mischief. I should be sorry if the effect of my endeavour to expose the besetting sins of economists were to make light of the whole study, as if it were in itself confused and worthless. I believe. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.