Economics
Economics opened to human science a domain previously inaccessible and never thought of. The discovery of a regularity in the sequence and interdependence of market phenomena went beyond the limits of the traditional system of ]earning. It conveyed knowledge which could be regarded neither as logic, mathematics, psychology, physics nor biology.
The science of human action was at the beginning merely a discipline dealing with those actions which can be tested by monetary calculation. Starting from this basis, the economists were bound to widen step by step the field of their studies until they finally developed a system dealing with all human choices, a general theory of action.
Economics does not allow of any breaking up into special branches. It invariably deals with the inter-connectedness of all the phenomena of action. There are no such things as “economics of labor” or “economics of agriculture.” There is only one coherent body of economics. There is economics and there is economic history. The two must never be confused. Economics, like logic and mathematics, is a display of abstract reasoning. Economics can never be experimental and empirical.
Economic knowledge is an essential element in the structure of human civilization; it deals with society’s fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen. It rests with men whether they will make the proper use of this knowledge. But if they fail to take the best advantage of it and disregard its teachings and warnings, they will not annul economics; they will stamp out society and the human race.
The early economists devoted themselves to the study of the problems of economics. In lecturing and writing books they were eager to communicate to their fellow citizens the results of their thinking. They tried to influence public opinion in order to make sound policies prevail in the conduct of civic affairs. They never conceived of economics as a profession.
The development of a profession of economists is an offshoot of interventionism. The professional economist is the specialist who is instrumental in designing various measures of government interference with business. He is an expert in the field of economic legislation, which today invariably aims at hindering the operation of the market economy.
