TAILIEUCHUNG - Luận án kinh tế - "Human and action" - Chapter 37

XXXVII. THE NONDESCRIPT CHARACTER OF ECONOMICS 1. The Singularity of Economics What assigns economics its peculiar and unique position in the orbit both of pure knowledge and of the practical utilization of knowledge is the fact that its particular theorems are not open to any verification | Part Seven The Place Of Economics In Society XXXVII. THE NONDESCRIPT CHARACTER OF ECONOMICS 1. The Singularity of Economics What assigns economics its peculiar and unique position in the orbit both of pure knowledge and of the practical utilization of knowledge is the fact that its particular theorems are not open to any verification or falsification on the ground of experience. Of course a measure suggested by sound economic reasoning results in producing the effects aimed at and a measure suggested by faulty economic reasoning fails to produce the ends sought. But such experience is always still historical experience . the experience of complex phenomena. It can never as has been pointed out prove or disprove any particular The application of spurious economic theorems results in undesired consequences. But these effects never have that undisputable power of conviction which the experimental facts in the field of the natural sciences provide. The ultimate yardstick of an economic theorem s correctness or incorrectness is solely reason unaided by experience. The ominous import of this state of affairs is that it prevents the naive mind from recognizing the reality of the things economics deals with. Real is in the eyes of man all that he cannot alter and to whose existence he must adjust his actions if he wants to attain his ends. The cognizance of reality is a sad experience. It teaches the limits on the satisfaction of one s wishes. Only reluctantly does man resign himself to the insight that there are things viz. the whole complex of all causal relations between events which wishful thinking cannot alter. Yet sense experience speaks an easily perceptible language. There is no use arguing about experiments. The reality of experimentally established facts cannot be contested. But in the field of praxeological knowledge neither success nor failure speaks a distinct language audible to everybody. The experience derived exclusively from complex .

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