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THE END of the WORLDLY PHILOSOPHY? 313 This Final Chapter, However, I Suggest We Look at This Array Wealth Been Legitimated, Much Less Celebrated, for Everyone

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THE END of the WORLDLY PHILOSOPHY? 313 This Final Chapter, However, I Suggest We Look at This Array Wealth Been Legitimated, Much Less Celebrated, for Everyone 310 THE WORLDLY PHILOSOPHERS and worthy than mere name or birth. Thus there is a final congruence between personal experience and historic vision that unravels many contradictions. This is perhaps not an assessment that Schumpeter him- self would have welcomed. But neither would he likely have denied it. He aspired to be a great economist-whether that The End of the was the wish that life had denied him is not clear. It is inter- esting that Schumpeter would never lecture on his own theo- Worldly Philosophy? ries despite entreaties from his students and colleagues; one scholar has suggested that it was because he felt that in the last analysis his formulations were inadequate. We do not know whether he aspired to be a great visionary-that he certainly was. As analyst or visionary, everyone interested in economics must come to grips with him, not only because of what he accomplished within the discipline, but because in his very achievements he demonstrated its limitations. Our preface warned of a possibly diconcerting finale, which the title of this chapter may seem to confirm. But I would re- mind my readers that "end has two meanings: termination and puvose, a dual significance we must bear in mind as we go on to consider both the future and the usefulness of the subject whose name was so happily given to me many years ago, when I had finished this book and was trying to decide How to begin this demanding task? I think it best to go back to beginnings, by reminding ourselves of what econom- ics is ultimately about. Needless to say, it is not merely a discussion of the figures, forecasts, and government pro- nouncements that are the stuff of the daily economic news. Neither is it the supply and demand diagrams and equations familiar to every economics student. At its core, economics is an explanation system whose purpose is to enlighten us as to the workings, and therefore to the problems and prospects, of that complex social entity we call the economy. So far, what we have mainly stressed with respect to these explanatory visions and analyses is their extraordinary variety. To go from the Mercantilist monarch to the Marshallian clerk, or from the Smithian Society of Perfect Liberty to the Veblenian society of business sabotage is to run a gamut that seems to defy any possibility of a unifiying object of study. In 312 THE WORLDLY PHILOSOPHERS THE END OF THE WORLDLY PHILOSOPHY? 313 this final chapter, however, I suggest we look at this array wealth been legitimated, much less celebrated, for everyone. from another perspective-not so much emphasizing surface Kings, of course; adventurers, perhaps; the lower classes- differences as searching for a common structural core. TO answer that question we must reflect back on the Second, capitalism consigned both the guidance of pro- considerations of Chapter 11. These began with a look at how duction and its pattern of dstribution to the encouragements humanity survived the first gg percent of its presence on and discouragements of the market. There was no such earth by relying on traditions that governed its hunting and process in hunting and gathering or command systems: the gathering activities, but we would hardly call these complex provision of the very stuff of life by competitive buying and rules and taboos "economics." The same can be said for the selling is an arrangement that has no parallel in any other so- more complex and inventive systems that appeared around the fourth and third millennia B.c., in the social or- Third, capitalism is the first society to place its overall ders that built cities, irrigation systems, and great pyramids. guidance under two authorities, one public, one private, each AS we saw, the material life of humankind was now governed with its powers and its boundaries to power. The au- not only by remnants of Tradition but by a powerful new thority-government-wields force and establishes law, but force of Command. does not set itself up to carry on the everyday tasks of pro- There is, perhaps, no more dramatic epoch than the rise duction and distribution. This is largely the prerogative of of these societies, but do we need the ideas of "economics" to profit-seeking individuals, who produce what they wish, hire explain or understand the revolution brought by Command? those willing to accept the wages and conditions they offer 1 think not. Just as an example, price changes have always and let go those who do not, but who cannot themselves dra- been a major part of the explanation systems of economics, goon labor power, as did the pyramid builders, or physically but there were no prices for the blocks that the Pharoah's punish inefficient workers, as could the feudal lord. workmen cut, and certainly not for the pyramids themselves. These three historic innovations set the stage for the vi- Command altered society in spectacular ways; it did not si0n.s of all the great economists. Their descriptions and pre- bring about an organization of production and distribution scriptions change as the new economy responds with for which we would require a wholly new understanding we quickened pace to losing the drag of Tradition and the arbi- could call economics. trariness of Command, but for all the changes from Smith to What, then, finally set the stage for this new means of Keynes and Schumpeter there is no mistaking the social for- comprehending society's workings? As we also saw in Chap- mation that is their common source. The worldly philosophy ter 11, it was the slow displacement of medieval tradition and is the child of capitalism and could not exist without it. feudal command with a social order that did indeed require a new mode of clarification. The social order would in time be Now, what has all this to do with the two meanings of the called capitalism; its means of organizing material life an title of this chapter-the possible end to, and the ultimate economy, and its new explanation system economics. purpose of economics itself? The answer to the first question lies in a far-reaching change that has increasingly become the I can be brief in describing the changes brought by capi- vision of economists. We see its first appearance in the grow- tdism. The first was a dependency on the acquisitive drive as ing disposition to depict the activities of buying and selling in the principal means of organizing the production and distrib- abstract terms, beginning perhaps with the depictions of ution of society's materid needs. I ask the reader only to re- pleasure and pain in terrrls of Edgeworth's Felicific calculus member that never before, in any society, had the pursuit of and the '‘just wage" of labor in von Thiinen's formula, both 314 THE WORLDLY PHKoSOPHERS noted in Chapter VII. By Marshall's time beautiful diagrams authors enjoy the highest professional esteem, and have writ- decorate many chapters, and Keynes, as we have noted, uses ten texts that are models of clarity, intelligence, and accessi- algebra to depict his analytic findings. bility. Let us now see if they illustrate my points. I cite first ~~ri~~~l~enough, however, it is not the ever-growing from the Introduction of the Mankiw book: presence of mathematics that is the crucial change in the economics of our time. Numbers abound in any social order Economists try to address their subject with a scientist's that relies on modern technology. All industrial systems gen- objectivity. They approach the subject of the economy in crate and require a mass of quantitative information that much the same way as a physicist approaches the study would have been unimaginable before the advent of high- of matter and a biologist approaches the study of life: speed and near instantaneous cormunication. They devise theories, collect data, and then andyze Todays economies are more interdependent than were the these data in an attempt to verify their theories. workers in Adam Smith's pin factory, and as this interdepen- dency grows, so do both the quantity of, and the demand for, We shall consider the implications of that central place- information on a wholly new scale. Here is where statistics merit of science in a moment, but what of my assertion re- and mathematics enter modern economics. Without them garding the abandonment of the description of the economy how could one reduce the outputs of millions of establish- as capitalist? I turn now to Stiglitz's two-volume text to see merits to a number called Gross Domestic Product, or come what he has to say about the matter. The answer is pute another number called the Price Level to express the the word does not appear in its 997 pages of text. For all in- average price of uncountable millions of goods and services? tents and purposes, Capitalism does not exist in this two- This is not to say that mathematical models reveal how best volume introduction to economics. to act on the information that bombards US: the predictive ca- Selective citations are, quite properly, regarded with sus- pability of econometrics-the modem combination of statis- picion. I could, perhaps, ask skeptical readers to repair to the tics and economic theory-is by no means notable for its nearest public library and compare a random selection ofvol- accuracy. The point, rather, is that there is no alternative to umes of the American Economic Reoiew, the flagship journal using in its various forms to elucidate many of of the hnerican Economic Association, or its British coun- the purposes for which economics exists.
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