Page:The Economic Journal Volume 1.djvu/648

 626 THE ECONOMIC JOURN_AL obtained from the study in that school of the ancient philosophy and modern logic appears to be fulfilled in political economy alone, or chiefly among the studies of which man is the direct object. It is in economics only, when we have excepted the mathematical physics, that there is realized with some perfection that type of science to which Greek thought aspired, which Aristotle taught if he did not practise: the leadin up to eneral principles and leading down to particular conclusions. The logical methods, which are studied in the School of  ]ma/or may be exemplified in political economy without oing beyond the range of subjects conterminous to that school. The demonstrative part of political economy, to which I am referring, seemns rudimentary, when comnpared with mathe- matical physics. But though our trains of reasonin are short, they are not simple. Consider any of the problems which Ricardo delighted to put. A tax is imposed on manufactured commodities and the proceeds expended in a bounty on agricultural produce (or v/ce vers); h. ow will different classe be affected ? Or, take a question m which a characteristic difficulty of our science-the disturbing influence of interest and passion becomes felt. What would be the effect of limiting the hours of labour; upon any definite supposition as to the numbers and efficiency of the previously unemployed class ? Such questions are much more difficult than they seem. It is here, as has been observed of the calculus of probabilities: the first appearances are generally fallacious. But, whereas that calculus is handled only by experts, we all, learned and unlearned, theorize about political economy. Abstract reasoning, far from having become obsolete, seems never to have swayed larger masses. How many hundreds of thousands of Continental Socialists have been bred on the Hegelian subtleties of Marx. It cannot be supposed that such mystic formulse are altogether of the nature of incantations, sung by those who are preparing to use the knife. Reasons honestly urged can only be met by reason. The statesmen of the coming generation must be prepared to separate what is true from what may be misleading in answers, such as the following, which are given in influential quarters to one of the questions which I have proposed. To reduce the working hours, it is said, would materially increase wages, by providing work for mahy who are now in enforced idleness; because new demands would be made for commodities, resulting in a large increase in pro- duction and cheapening of com:qaodities. What is the portion of truth in the common belief that a reduction of the hours of