TAILIEUCHUNG - History of Economic Analysis part 82

History of Economic Analysis part 82. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 772 Many of the volumes presented work of a high grade that was not only exemplary in its minute attention to detail but also analytically significant and inspired by considerations of scientific as well as practical urgency. The Verein s comprehensive price studies begun in 1910 may serve as an example. Most of them however were no better and no worse than such investigations were and are at all times and in all countries. But an investigation into the influence of gold production directed by Arthur Spiethoff Der Einfluss der Golderzeugung auf die Preisbildung 1890-1913 vol. 149 of the Schriften that was a part of them rose far above the general level. On the whole however the economists responsible for the reports that fill those volumes of the Schriften cared little for analytic refinement. They took no end of trouble with their facts but most of them went straight from their impressions of the factual pattern to recommendations just as would have any nonprofessional worker. They neither used nor contributed to theoretical or statistical technique in spite of their obvious opportunities for doing so. And the analytic apparatus of economics did not improve but even deteriorated in their hands. Moreover if abilities adequate to describing the trade practices of distributors of milk plus a fervent allegiance to the ideals of the Verein glorified no doubt by a little philosophy and other elements of German culture were all a man needed in order to establish himself as an economist and in due course to receive academic preferment we cannot be surprised that supply adapted itself to the character of demand. Otherwise excellent men ceased to care for the higher spheres of scientific invention and rigor. Men who cannot be described as otherwise excellent threw them overboard with a sigh of relief and prided themselves on doing so. And though there always were a few who tried to keep the flag flying 9 economic theory as understood in England

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