The discovery of the circular flow of economic life
A list of the main representatives of the Physiocrats, the inner meaning of their doctrine. Examining the nature of capital Quesnay. The technical origin of the circular flow of economic life. Arbitrary and violent diversions of the economic stream.
| Рубрика | Экономика и экономическая теория |
| Вид | реферат |
| Язык | английский |
| Дата добавления | 26.01.2014 |
| Размер файла | 31,6 K |
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We shall have to talk of Smith's doctrines in the next section of this book. In this context we merely wish to indicate the general character of his work. In his case too the critics, as was usual, emphasized above all his views on commercial policy and social philosophy. They even insinuated that his work represented a plea for free trade and 'industrialism' or that it was merely the application of speculative premises. If we read the first sentences of his lectures on the Law of Nature, we see at once that he intended to establish a theory, to gain an insight into the character and function of law, so that he could at once derive practical legal norms of general applicability. It is certain that he had similar aims in the field of economics which he defines as an art. Quite a different picture emerges, however, if we contemplate his theoretical efforts. There his attention is directed to the facts, and only occasionally does a turn of phrase remind us of a political ideal or a philosophic proposition, without these alien elements ever being essential.
What then was the method which he employed? It is difficult to say, since the range of his problems is so extensive. Sometimes he analyses, sometimes he merely recounts, in accordance with the requirements of his concrete purpose. He adorns his analysis, however, with individual observations and practical experiences and mixes his descriptions with theoretical arguments. For this reason it has been easy enough for each methodological 'party' to claim him as their own. He possesses a universality which was invaluable for his own concrete purpose but was bound to disappear as soon as one wanted to penetrate more deeply into one of the various groups of problems treated by him. This explains the apparent methodological contrast between him and the later classical economists which has often been emphasized. The systematic and textbook like character of his work excludes lengthy abstract investigations just as much as descriptive research into details. Smith was formed by influences of a theoretical nature and he was dominated by theoretical aims. A nucleus of theoretical theses form the backbone of his work and the greater part of the descriptive material contained therein serve for their application, discussion and exemplification. Only a smaller part form the basis for conclusions, and a still smaller proportion exists simply for its own sake because of its intrinsic interest. The first two books describe the economic process and, starting with the division of labour, deal with the problems of money, price, capital and distribution. In the third book we are offered something like an attempt at a comparison between the theoretical picture and the real development of facts, the fourth book contains a discussion on commercial policy, and the fifth a statement on the 'science of finance', if this German term may be applied to it. The last books also contain material on the technique of administration. All these elements are of very different value. Themes like the purposes of government and similar ones are often treated in a doubtfully speculative manner and in this particular field Smith has nothing to offer us today. Nowhere, however, is he so positive and unprejudiced as in his purely economic statements, at least as far as their most essential points are concerned. As soon as we deal with the application of these statements the over-estimation of the practical importance of his conclusions makes itself felt in a disturbing manner and it was on these applications that the critics concentrated their attack in the first place.
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