TUE FAf.LAClES OP ECONOMIC SCIENCE 211 



He would then .add: "T have to look at the j:,'eneral result of 

 the business rather than to uniform proHts on individual lines. 

 I would, of course, prefer that everything I manufacture should 

 produce equally good profit, but, as this is impossible in business, 

 I can only look to the result in the aggregate ; if iJiat is satis- 

 factory, I have good reason to conclude that my business pays 

 me on the whole." 



The Plain Facts about Economic Science 



Wlien we get down to the substratum of fact which 

 underlies this, as all other things in life, the simple truth is 

 that much "science" remains inoperative, and therefore — 

 useless, liecause of its inapplicability to the domestic require- 

 ments of the everyday life of the people. No sane man, 

 knowing the enormous benefits that Science has bestowed 

 upon the human race, would be foolish enough to carp and 

 sneer at her marvellous achievements, particularly so as much 

 scientific discovery has been practically applied to the needs of 

 mankind. On the other hand, it will be as freely admitted 

 that the quality of " science " which is unpractical is but a 

 waste product of the human brain, and therefore — useless. 



No rational man is inclined to cavil at the science of 

 Economics, much benefit having been derived from its appli- 

 cation to human affairs, Ijut few men would admit of its 

 applicability to every item in the domestic economy of the 

 people. 



Cobden, following the teaching of Adam Smith, said that 

 wc ought " to buy in the cheapest market and sell in the 

 dearest ; " and so we ought, in every case where so excellent 

 a commercial principle can be practically applied, 1)ut like so 

 many other fascinating objects which we constantly come across 

 in this world, we find that this attractive morsel in the menu 

 of our domestic lives, although bearing the semblance of an 

 " economic " law, is in reality not possible of universal applica- 

 tion, because — as has been shown in other chapters — the first 

 cost of an article does not necessarily include other costs which, 

 when added to the original amount paid, renders first cost much 

 greater than was ever intended. Shortly, although the principle 

 is theoretically sound, it is practically impossible, and Adam 

 Smith's famous dictum thus becomes a mere adage and not 

 a — law. 



"Science," "Laws," and "Doctrines" are useful and bene- 

 ficial up to a certain point, but if we attempt to apply them 

 with arlntrary rigidity to every one of our life's affairs, we shall 

 couie to grief. 



