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  ...us still, repaired and altered by indifferent builders, underpinned in places, and with a slight change of name. "Political Economy" has been painted out, and instead we read "Economics--under entirely new management." Modern Economics differs mainly from old Political Economy in having produced no Adam Smith. The old "Political Economy" made certain generalisations, and they were mostly wrong; new Economics evades generalisations, and seems to lack the intellectual power to make them. The science hangs like a gathering fog in a valley, a fog which begins nowhere and goes nowhere, an incidental, unmeaning inconvenience to passers-by.   Its most typical exponents display a disposition to disavow generalisations altogether, to claim consideration as "experts," and to make immediate political application of that conceded claim. Now Newton, Darwin, Dalton, Davy, Joule, and Adam Smith did not affect this "expert" hankey-pankey, becoming enough in a hairdresser or a fashionable physician, but indecent in a philosopher or a man of science. In this state of impotent expertness, however, or in some equally unsound state,...   Wells, H.G.

Excerpt from A Modern Utopia · This quote is about economy and economics · Search on Google Books to find all references and sources for this quotation.

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