But in working out the consequences of this view Say is not free from obscurities and inconsistencies; and by his comprehension of these immaterial products within the domain of economics he is confirmed in the error of regarding that science as filling the whole sphere which really belongs to sociology.
That is, it is possible to conceive of an ethical science which would extend considerably our knowledge of economic affairs, but no important new principle or original discovery, relevant to economic investigation, has come from that quarter in recent years, and at present ethics has more to learn from economics than the latter has from ethics.
The relations between economics and other sciences cannot be stated in a very general form.
Where the newer methods were assimilated, the position of economics was strengthened and its practical utility increased.
In accordance with the principle of Renovation (see above), the root-idea of the application of religion to economics is not the extorting of boons from an unwilling nature, but rather the stimulation of the sources of life, so that all beings alike may increase and multiply.
There would probably have been no controversy at all on this subject but for the fact that economics was elaborated into systematic form, and made the basis of practical measures of the greatest importance, long before the remarkable development in the 19th century of historical research, experimental science and biology.
But the big question is whether these same economics would apply in a world one hundred times richer than we are right now.
See also Professor Shield Nicholson's Project of Empire (1909), which is a critical study of the Economics of Imperialism, with special reference to the ideas of Adam Smith; and Professor W.
As my economics professors insisted, cost is determined by scarcity and demand.
The application of the a priori method in economics was an accident, due to its association with other subjects and the general backwardness of other sciences rather than any exceptional and peculiar character in the subject-matter of the science itself.