The Theory of Credit (Volume 2, PT. 2) (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1897. Excerpt: ... other department of knowledge which has been brought under scientific control, and adapted to the peculiar circumstances of Economics. It was the essential glory of Bacon, the founder of Inductive Philosophy, to foresee and proclaim with the voice of a trumpet that the same methods and principles by which the physical sciences were to be constructed, were to be applied to the construction of all other sciences. And has not every Economist of note, J. B. Say, John Stuart Mill, and hosts of others, maintained that Economics can only be erected into a positive definite science by following the same principles and methods by which the physical sciences have been constructed? and if it has not hitherto been done it is only from the ineptitnde of those who have attempted it But the Science of Pure Economics--that is of Commerce or Exchanges--inclnding Credit, Banking, the Foreign Exchanges, Commercial Crises and Monetary Panics, has now been brought to the strictest scientific demonstration, and its principles are now universally recognised and acknowledged to be true. Economics is a pure science of Variable Quantities. It is a science of Causes and Effects measured numerically, produced by the properties of men: and its types and standards of reasoning are to be found in the. sciences which treat of the Causes and Effects measured numerically, produced by the properties of material substances. The special science of Variable Quantities, termed Economics, must be governed by the rules which govern the science of Variable Quantities in general. The principles which govern the varying relations of Economic Quantities must be the same which govern the varying relations of the stars in their courses. The same general method of investigation is common to them all. I...