THE 



POPULAR SCIENCE 

 MONTHLY. 



APRIL, 1885. 



THE CHAKACTER AND DISCIPLINE OF POLITICAL 



ECONOMY. 



By J. LAURENCE LAUGHLIN, Ph. D., 



ASSISTANT PEOFESSOE OF POLITICAL ECONOMY IN HAEVAED TJNIVEESITY. 



WALTER BAGEHOT once said of certain literary economists, 

 who had no bent for practical affairs, that they were "like 

 astronomers who had never seen the stars." In fact, no small number 

 of people believe that this applies to all political economists ; that 

 they do very well as students of books, but are unable to keep their 

 heads in the midst of facts and actual business ; and that only the 

 " hard-headed " merchant is competent to explain the causes of what 

 he sees to the uninitiated. As in many general beliefs, there is some- 

 thing just and right in this ; and yet there is something too which is 

 not included in it, which leads the holder of the belief to narrow and 

 illiberal conclusions in regard to a very important study. A fair and 

 candid consideration should be given to the qualities of mind called 

 into play by the study of political economy, and then we may more 

 easily judge of the character of the work demanded of an economist, 

 and of the way in which these demands have been met. 



It is axiomatic that not every person can succeed in political econ- 

 omy any more than in art or music. Some people, although admirably 

 equipped in other directions, have attacked political economy with 

 great zeal, only to realize finally that anything beyond a certain gen- 

 eral knowledge and use of its principles is denied to them. Any hint, 

 therefore, although imperfect as mine may be, of a knowledge of the 

 mental qualities requisite for success in such a study, will at least set 

 to thinking those who propose to begin it, and possibly lead those 

 VOL. XXVI. — 46 



