406 AGRICULTURAL ECONOMICS 



illogical thinking, but because the premises are incomplete and 

 the conclusions therefore erroneous. The fruitfulness of the 

 other class of theories is due to the fact that they are in harmony 

 with the facts and become a guide to the mind in comprehending 

 the direction and strength of the forces with which the practical 

 man has to deal and hence increase the accuracy of his judgments 

 regarding the probable conditions of the future with which he 

 has to make his present actions harmonize. 



The danger of holding to half truths is very great in the field 

 of economics. The forces involved are so numerous and the 

 facts so scattered that even the most careful student is in danger 

 of placing too great reliance upon a premature conclusion. And 

 yet practical men everywhere are constantly dealing with 

 economic forces. Day after day they are passing judgment 

 on the future action of these forces. Practical business men 

 often show a clearer grasp of the operation of economic forces 

 than do the economists of the chair. This is because the 

 business men are dealing directly with these forces. 



The student must study economic forces in operation if he 

 would understand their character. The world of economic 

 activities should be the laboratory of the economist, and the 

 records of these activities should constitute his library. The 

 success of the student depends equally upon his ability to gather 

 data and his ability to draw correct inferences. It may be 

 true in some subjects that a person who is not capable of drawing 

 conclusions will be able to work independently and contribute 

 to the subject by gathering data which others may use, but in 

 the field of economics the problems are so complex that in order 

 to secure valuable results the two processes must be employed 

 simultaneously. No student should undertake independent 

 research work in economics who is not a good logician. He must 

 be capable of correct reasoning. He must be capable of drawing 

 the right inference from given facts and of remembering the 

 limitations of the basis of his reasoning. When a working 

 hypothesis is formulated, it should be looked upon as a means 

 to an end, not as an end in itself. In other words, he must 

 be capable of independent work in the field of economic theory. 



