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Why Is Economics Not an Evolutionary Science

By Veblen, Thorstein

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Book Id: WPLBN0000152317
Format Type: PDF eBook
File Size: 0.5 MB
Reproduction Date: 2005

Title: Why Is Economics Not an Evolutionary Science  
Author: Veblen, Thorstein
Volume:
Language: English
Subject: Literature, Literature & thought, Writing.
Collections: Classic Literature Collection
Historic
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Publisher: World Ebook Library

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Veblen, T. B. (n.d.). Why Is Economics Not an Evolutionary Science. Retrieved from http://cn.ebooklibrary.org/


Excerpt
M.G. de Lapouge recently said, Anthropology is destined to revolutionise the political and the social sciences as radically as bacteriology has revolutionised the science of medicine.1 In so far as he speaks of economics, the eminent anthropologist is not alone in his conviction that the science stands in need of rehabilitation. His words convey a rebuke and an admonition, and in both respects he speaks the sense of many scientists in his own and related lines of inquiry. It may be taken as the consensus of those men who are doing the serious work of modern anthropology, ethnology, and psychology, as well as of those in the biological sciences proper, that economics is helplessly behind the times, and unable to handle its subject matter in a way to entitle it to standing as a modern science. The other political and social sciences come in for their share of this obloquy, and perhaps on equally cogent grounds. Nor are the economists themselves buoyantly indifferent to the rebuke. Probably no economist today has either the hardihood or the inclination to say that the science has now reached a definitive formulation, either in the detail of results or as regards the fundamental features of theory. The nearest recent approach to such a position on the part of an economist of accredited standing is perhaps to be found in Professor Marshall's Cambridge address of a year and a half ago.2 But these utterances are so far from the jaunty confidence shown by the classical economists of half a century ago that what most forcibly strikes the reader of Professor Marshall's address is the exceeding modesty and the uncalled for humility of the spokesman for the old generation. With the economists who are most attentively looked to for guidance, uncertainty as to the definitive value of what has been and is being done, and as to what we may, with effect, take to next, is so common as to suggest that indecision is a meritorious work. Even the Historical School, who made their innovation with so much home grown applause some time back, have been unable to settle down contentedly to the pace which they set themselves. The men of the sciences that are proud to own themselves modern find fault with the economists for being still content to occupy themselves with repairing a structure and doctrines and maxims resting on natural rights, utilitarianism, and administrative expediency. This aspersion is not altogether merited, but is near enough to the mark to carry a sting. These modern sciences are evolutionary sciences, and their adepts contemplate that characteristic of their work with some complacency. Economics is not an evolutionary science — by the confession of its spokesmen; and the economists turn their eyes with something of envy and some sense of baffled emulation to these rivals that make broad their phylacteries with the legend, Up to date. Precisely wherein the social and political sciences, including economics, fall short of being evolutionary sciences, is not so plain. At least, it has not been satisfactorily pointed out by their critics. Their successful rivals in this matter — the sciences that deal with human nature among the rest — claim as their substantial distinction that they are realistic: they deal with facts. But economics, too, is realistic in this sense: it deals with facts, often in the most painstaking way, and latterly with an increasingly strenuous insistence on the sole efficacy of data. But this realism does not make economics an evolutionary science. The insistence on data could scarcely be carried to a higher pitch than it was carried by the first generation of the Historical School; and yet no economics is farther from being an evolutionary science than the received economics of the Historical School.

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