After his death his friends founded, in perpetuation of his memory, a Newmarch Lectureship in economic science and statistics at University College, London.
Be this as it may, we now see that the only basis on which these doctrines could be allowed to stand as a permanent part of economic science is that on which they are placed by Roscher, namely, as a stage in the preparatory work of the economist, who, beginning with such abstractions, afterwards turns from them, not in practice merely, but in the completed theory, to real life and men as they actually are or have been.
It thus became the work of economic science ruthlessly to analyse the existing situation, explain the issues involved in the commercial policy of different countries, and point out the alternative methods of dealing with present difficulties, with their probable results.
It must be clearly recognized that the functions of economic science in the present requirements of the world cannot possibly be discharged by treatises on economic theory.
The backwardness of economic science has been an index of the danger threatening the industrial and commercial supremacy of the United Kingdom.