Scope and Function of Economics

Any fairly well informed person who takes up the study of economics must be struck by the variety and the conflicting character of doctrines presented by different schools of political economy; and he could not help noticing the difference of viewpoint, taken by various writers, as to what is the proper function and scope of the science of political economy; a difference which necessarily must affect the deductions and the teachings of the respective writers in a marked degree.

One class of economists may be credited with a distinct desire to give a moral side, or content, to their theories. These were unquestionably men of strongly humane and kindly instincts, men who saw the widespread misery of the greater number of their fellow beings, the almost universal poverty and degradation of the masses, largely self-inflicted perhaps, but more largely imposed by circumstances, by customs, and by institutions over which the victims have no control; such as the misfortune of sickness or of native incapacity, of enforced idleness, precariousness of work, and meagerness of compensation, especially in the case of unskilled labor.

Contemplating this widespread suffering, these large - souled humanitarian men took thought and set about enquiring the cause, and endeavored to find remedy and means of betterment on customwriting.com. To this class unquestionably both Adam Smith and John Stuart Mill belong; for, though they may not have made any explicit statement to that effect, yet, it seems to me that a distinct undertone runs through their books, indicating a strong desire to be helpful; to improve conditions; to abate evils and errors which result in human suffering; and to assist in bringing about a nearer approximation to economic justice than obtained in their day. Besides being economists, both Avere moral philosophers and writers on morals; Adam Smith being a teacher of such, as Professor of Moral Philosophy in Glasgow University.

In this class of humanitarians can also be listed several American economists. Among these is Henry C. Carey, author of Principles of Social Science, on almost every page of which can be noticed his intense desire to teach that which he believes essential to human welfare. This is admirably expressed in the preface to the one volume manual, into which his three volume work has been condensed by Kate McKean (1864).