The Perversion of Economic History

As Professor Vinogradoff has pointed out in his interesting introduction to his recent volume of Essays, there has been an extraordinary increase in the weight and importance popularly attached to Historical Studies.There still are quarters where they are treated with neglect, but on the whole they are viewed with favour, and have to pay the penalty of being fashionable.The ordinary economist, who assumes free competition and the laws of supply and demand, has awakened to realize that there is a vast field of industry and eniterprise of which he ought to take account.He professes himself extremely interested in History, and like a French king of whom one has heard, expresses a wish to do anything he can for it.To this polite desire it is surely not discourteous to reply, Laissez faire, laissez aller.Economists will not leave it alone; they do not pursue it seriously, but try to incorporate some of its results into that curious amalgam, the main body of economic tradition; and the result is the perversion of Economic History.The course of Economic History consists of a gradual, and by no melans continuous progress, that has been conditioned, partly by changes in the framework of society, and partly by individual aims and efforts; it has been by slow and various action, in combinations of different types and under different kinds of stimulus to exertion, that man has gone onl overcoming nature anid setting aside physical limits to well-being.It is not easy to understand the steps in the process, the freedom for movement, and the motives for effort which were brought into play at each stage.There is no royal road by which we may get to comprehend the evolution of social structure and of economic conceptions, which combined to bring about industrial progress.But there are some who do not feel the difficulties, who, with no practice in tha 1 Read before the Royal Historical Society, March, 1892

Perversion · Psychoanalysis · Historical Economic and Social Studies · Psychology

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