The New Theories of Economics

The present study is purely objective. It is not my intention to point out the part played by the various economists in the formulation of the new theories, nor have I attempted to separate the large amount of work done by my predecessors from my own modest contribution. If I sometimes speak in my own name, I do so merely to avoid placing the responsibility on other writers for errors I may have introduced into their theories. As a matter of fact, art has always preceded science. When in the course of the evolution of human knowledge art and science have drifted apart, critics have never been wanting who were ready to assert that science was productive of no useful results. Criticisms of this kind are largely founded on the fact that a science has not nearly so immediate a utility as the cog? nate art. It is also to be said that art cannot confine itself to its