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The Bankruptcy of the Political Economy
Robert Michels
Vulgar economy, pure economy, political economy
Inaugural Address of the academic year 1933-1934,
University of Perugia, Donnini, Perugia, 1934, p. 1
The political economy is unpopular with the general public. The war, the postwar and the crisis have given many and such denials of what appear strictly to be scientific estimates, advanced by economists. It is no wonder that any layman could believe to be authorized to proclaim the bankruptcy of the political economy.
Hence that at times it happens that economists must take a stand against the false news of the death of their science. To the voices, some calumny, not a mitigating factor is lacking. In fact, many economists have sinned of immodesty. On the eve of the world war itself, too many have proclaimed, on behalf of the economic laws, that the war itself could not do or if it could have, the active forces of the nations would have been depleted within the strict limits of time.
Nevertheless, the war had run its course for many years, refuting and depleting its deniers. At the early days of the economic crisis, other economists did not hesitate to declare themselves on the basis of the conjuncture of science fallacy that the crisis could not explode or that if it explodes it would soon be quelled.
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The Bankruptcy of the Political Economy
Robert Michels
Vulgar economy, pure economy, political economy
Inaugural Address of the academic year 1933-1934, University of Perugia, Donnini, Perugia, 1934, p. 1
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