By Carl Snyder
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Clearly until this method is applied to economic theory we cannot have any real science of economics. 20 There is hope for progress. For one reason and another, many nations are now building up a huge fund of statistical information concerning their economic activities. Beginning less than a century and a half ago with enumerations of the population, this use of counting was extended to every sort of human activity, especially on the economic side. 21 Now nearly 44 CAPITALISM THE CREATOR all nations are engaged in this and in hundreds of other enumerations, providing a vast fund of numerical data from which is rising a solid body of verifiable knowledge.
In four years after, an equivalent volume of credit extinguished. Commercial loans also declined, of course, with the decline in prices; but the chief destroyer was the collapse of the stock market. Along with this diminution of the circulating medium went a reduction of tens of billions of dollars in the nominal value of stocks and bonds on various exchanges. These two closely related forces combined to produce a series of related results: the destruction of confidence, a terrific drain upon the banks, an abrupt cessation of forward buying by business, and a consequent collapse of commodity prices, of land values, and of almost everything for which money is paid.
Precisely the same attitude of indifference or active opposition towards the methods that may develop a real science of economics. The love of disputation and argumentation is deeply rooted in human nature, especially among teachers, preachers, and lawyers. ON THE RISE OF ECONOMICS AS A SCIENCE 43 To them apparently any kind of mental gymnastics is so exciting, so seductive, that they seize upon it with joy. Hence the millions of sterile pages written on metaphysics, theology, and the law. And economics, as perhaps the most important of the current fields of metaphysics, has called forth a deluge of this futile, speculative writing.