Professional Documents
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J A NU A R Y 22, 1 9 08
EC O NO M IC S
H E NRY R OG E R S S E A G E R
P R OFESS O O OO OOOOOOOO O O OOO OO
CO LU M B IA U N IV E R SIT Y
New York
TH E COL UMBIA UNIVE RS ITY PRE SS
1 909
E CO NO MICS
whi ch tre ats of all of the interests and activi ties connected
wi th the mun dan e ta sk of earning a li ving It is the social .
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but of ethics The questions most actively di scussed by
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p auvre as V auban
R oi , wri ting in 1 7 1 7 expressed it
than because the welfare of th e people was squarely recog
n i ed as of primary importance
z When Adam Smith pub .
materials for the new science had all or nearly all been
'
co untry was throbb ing with the gr eat eco nomi c changes
brought about by the in ventions an d disco ve ri es of the last
half of th e e igh teenth ce ntury M anufac turin g indus tri es
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o my .
s erved more than any o ther part of the clas sical system to
earn for economics the title of disma l science That this '
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how the parts ca lled rent and wages are determi ned it ,
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e conomi c relations .
cess ful
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Conv ersations on Chemistry H er Conversa .
'
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clas sica l writers condescended to say that the little Work
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part they have bee n sup p lemented rath e r than superseded
by the th e orie s form ul ated since 1 870 Among th e practi .
prin ciples that he had h imself e x poun ded that before his
death h e became an avowed sociali st Even Cairn es who .
,
ing from the leaders i t was not surpri s in g that ther e was
d i ssatisfaction in the ranks .
that the conclus ions whi ch the economi sts deduced from
these prem ise s failed to correspo nd with experience .
Finally and most impo rtant of all was the more search
ing examination to whi ch th e economi sts subjecte d their
o wn theories Th ornton an d others attacked the wages
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way for a more accur ate analysis S imi l arly the Mal
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p roof that it is ca rried out I m ust re fer you to the technica l
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means in cre a sed wellbeing for all cl asses Thus all should
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perhaps more often than not the ideal standard of the pro
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p l r .
will not only resul t In fairer rates of wages but that i t will
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gaining adherents The obj ect and tend ency of such laws
.
,
Eco nomi sts a pp rove of tra d e uni ons and labor laws ,
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on behalf of wage ea rners does not stop here Side by
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most economi sts would now put the furth e r princi ple that
wage earners should be prote cted from losin g through ac
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age and eve n aga inst s ickne ss h ave long been furni shed
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New ' ealand and New South Wales have establi shed old
age pensions and it appears probable that the United
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day are un doub tedly more sociali sti c than were the eco no m
ists of thirty or even ten years ago Most economists how
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,
that G ermany took the lead in this eld of soci al legi sla
tion in th e early eighties An d it i s wi th th i s e x pectation
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that has certainly occurred is that the cry of soc i ali sm has
ceased to weigh with inte lligent people as an argument
against any proposed policy The question which interests
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ering all its e ffects di rect and indirect it is soc ially e x pedi
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silenced by ci p riori objections economists merely e xhibit
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While not insensible to the ide als of scienti c accur acy and
delity to truth which ins pire all hon e st scholarshi p ,
nize th a t the social asp ects of bus in ess a lso meri t co nsidera
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tion Even more gratifying is the increasing part which
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sol emn ly declares that the time is at hand when the co urts
of last app e al will ci te th e writ ings of economi sts rather
than legal prec ed ents in j ustica tion of their decisions the ,
anybo dy els e .
soci al progr ess The wages fun d theory and the M althu
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lacks the charm for the scientic mind that comes from
precision of statement and e x actness of reasoning from
premises to conclusion but no one need now be deterred
,