By John Jewkes
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Extra resources for A Return to Free Market Economics?: Critical Essays on Government Intervention
No one will doubt, from what I have already said, that I do not hold history to be a science. But there is a sense of history, a knowledge of the kind of things that can happen, a feeling 34 A Return to Free Market Economics·' of what fits with what, a comprehension of how a multitude of tiny interlocking events make up the whole, always possessed by the wise and cultured scholar. I suspect that what we speak of as economic judgement is a talent of the same kind, to be cultivated in much the same way.
The results have been unfortunate and are likely to bring the science into disrepute. 1 Before the war it was accepted by many economists, and disputed by few, that all advanced industrial countries were rapidly passing into a condition of maturity and secular stagnation. Openings for profitable investment would be restricted. The savings of these communities would be at a level which would make for extensive and chronic unemployment. It was, so the argument ran, hopeless to assume that invention could take place on a scale which would maintain the dynamic forces which had kept industrial countries going in the nineteenth century.
4· This is a case where in 1953 I myselffell into the trap ofpredicting too confidently. My present view (see p. 124) is that ours is an epoch of comparative technological sluggishness. 1. A Return to Free Market Economics·' The Economist and Economic Change• Anticipations will be assented to much more readily than interpretations, because being deduced from a few instances, and these principally of familiar occurrence, they immediately hit the understanding and satisfy the imagination; whilst on the contrary interpretations, being deduced from various subjects, and these widely dispersed, cannot suddenly strike the understanding, so that in common estimation they must appear difficult and discordant, and almost like the mysteries of faith.
A Return to Free Market Economics?: Critical Essays on Government Intervention by John Jewkes