The Rise And Decline of the Free Trade Movement

Cover The Rise And Decline of the Free Trade Movement
The Rise And Decline of the Free Trade Movement
Cunningham, W. (William), 1849-1919
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that economists are more profoundly conscious of the limitations of their science. The principles of economic science are generalisations which are more or less widely true ; they give us a basis for saying what is probable under certain circumstances. But they never can supply statements that are universally valid in the world of fact ; and therefore they never can tell us what must happen. The economic ' must' is a survival from an earlier phase of the science which has been superseded ; it b
...elongs to the age of the doctrines of the 'wages fund, ' and of the 'last hour. ' The expert, who at the present day asserts that imports ' must ' be paid for by exports, or that goods ' must ' be paid for with goods is taking a tone he has no right to adopt. It is perfectly clear that on the whole and generally a purchaser ' must ' pay for the goods he receives, or shopkeepers will not continue to supply him ; as an abstract proposition he ' must ' pay for what he receives. There are probably a large number of places in which the state- ment that a man 'must' live within his income is true in fact.

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