80 THE AVEST AMEKICAN SCIENTIST. 



ECONOMIC LAWS AND METHODS. 



'If asked to define political economy, I should say that political economy treats 

 of industrial society. Its purpose as an analytic science is to explain the indus- 

 trial actions of men. Its purpose as a constructive science is to discover a scienti- 

 fic and rational basis for the formation and government of industrial society. But, 

 it may be asked, under what conditions can political economy be said to have 

 attained its scientific purpose? When is an industrial fact satisfactorily explain- 

 ed? I answer, when it is referred to some general truth which, either for the sake 

 of convenience or because our limited intelligence will not permit us to press the 

 inquiry further, must be regarded as final. Truths of this sort are fundamental in 

 economics, and are capable of being classified under heads, (a) The first class 

 embraces what is ordinarily called the laws of human nature. Such truths are dis- 

 covered by a study of one's self, hy a study of history, and by a study of statistics. 



* * * * * * * (b) The truths of physical nature to which all 

 industrial activity must conform are likewise final for purposes of explanation. 



* * * * * *■ * (c) The third class of final truths is disclosed 

 when once the explanation of observe 1 facts is traceable to the legal structure of 

 society. ****** 



'Because certain things are true in physical science, it does not follow that 

 similar things are true in social science. One may be well versed in the methods of 

 successful investigation in the physical sciences, and yet not possess the mental 

 equipment necessary to arrive at truth through the intricacies of social relations. 

 And why? For two reasons. In the one case the forces considered are permanent 

 and reliable, in the other, some of the forces are subject to constant variation. 

 Development of a physical science consists in the discovery of truths which are as- 

 sumed always to have existed, nor has such an assumption so far in our experience 

 proved the source of error. Development of a social science, on the other hand, 

 consists partly in the new discovery of old truths, and partly in observing new 

 truths to emerge from the growth of the social orga lism. * * * -jjjg 

 study of physical science is not complicated by the fact that Jbhe forces considered 

 have a conscious purpose and within limits, are self-directing. But in social 

 sciences this is not the ca^e, at least the theory of social science with which the latest 

 pliase of economic science allies itself holds strenuously to the idea of a self-condi- 

 tioning social organism. * * 'There is no such sharp line of distinction be- 

 tween the science and the art of economics as has been commonly supposed. * It 

 is preferable to speak of a science of economics which is at the same time analytic 

 and constructive. * * 'Economy is not an independent study; it is a de- 

 pendent subordinate study, which first finds its true place when framed into study 

 of society as a whole. There is no such thing as a scientific treatment of one func- 

 tion of a developing organism which does not recognize the essential and permanent 

 relations of that function to other forms of activity by the same organism. Nor 

 are all economic truths 'authoritaative and rigid'. Most of them are dependent and 

 relative'. 



[Henry C. Adams, in Science. July 30.] 



