Disturbing Elements in the Study And Teaching of Political Economy
Disturbing Elements in the Study And Teaching of Political Economy
Bonar, James, 1852-1941
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The waggon way on the earth is more of a mechan- ical invention and less necessarily an economical one than the waggon way through the air of which Adam Smith speaks. All the modern forms of credit described in such a book as Hartley Withers' GOVERNMENT IS FOUNDED ON OPINION 51 Meaning of Money are almost directly economical. They are also (be it observed) almost directly in- ternational . They depend for their chief and most living applications on the Great Intercourse of nations. Of course th...e others (inventions of pro- duction and inventions of distribution) are possibly so too, and those of production at least easily become so. It is not the' opinion' of a nation or even of many nations that puts them in force but their economy, as discerned by those actually en- gaged in business, discerned far more easily than the wisdom of a political expedient is discerned by the people or the statesmen. What part is played by 'public opinion, ' in distinction from the 'opinion' of Hume's dictum?
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