I0 SCIENCE PROGRESS 



quite feasible, though certainly difficult, is the creation of a 

 u science of commerce," in the sense of a systematic considera- 

 tion of the problems of business policy. What is wanted is 

 "private economics" for the business man, as distinguished 

 from " political " or " social " economy. Is it our aim, then, to 

 "teach men to make money"? Yes, in the sense in which 

 it is the aim of a law school or medical school to teach men 

 to make money as competent lawyers or physicians. The aim 

 of a faculty of commerce — let us be quite clear about it — is 

 in the first place frankly utilitarian : it is to turn out competent 

 men of business. In each case no training is of much use 

 unless a man has some natural aptitude ; and there are such 

 great differences between " business " and " the professions " 

 that the analogy is certainly not complete. But it is valid for 

 some distance. 



The name to be given to this systematic consideration of 

 business problems is unimportant. And the kind of problems 

 handled will vary from place to place. The field of business 

 is too wide to allow of any simple schematic treatment 

 applicable to all types and scales of enterprise. A provincial 

 university faculty will naturally have regard, first of all, to the 

 activities of its own district. In most districts it will probably 

 be found best to make the position of the manufacturer the 

 central theme. Following a manufacturing business with the 

 eye of imagination (guided by recorded experience) through 

 its career, a series of problems of policy will be seen emerging 

 — financial, commercial, administrative. It will not be the 

 function of the academic teacher to lay down a priori rules 

 as to how the questions are to be decided as they arise. His 

 function is rather to collect examples, .as a naturalist collects 

 .specimens, of the way in which they have actually been dealt 

 with, successfully or unsuccessfully, in real instances. These 

 he will classify and arrange ; he will bring to bear upon them 

 all the knowledge of industrial history, all the power of 

 abstract analysis, his previous studies may have given him : 

 until at last there rises into view a series of wide generalisations 

 deserving the name of " principles." The materials lie all around 

 us in the reported proceedings of companies ; and American 

 economists are already showing us how to utilise them. 



It should not need to be remarked that the final result will 

 not be a set of recipes for success ; and it will not be so 



