II
THE DISCOVERY OF THE CIRCULAR FLOW OF ECONOMIC LIFE
THE PHYSIOCRATS.1 (ADAM SMITH)
1. We have seen that our science like all others had its origin in individual researches into striking facts which appeared as problems even to the layman. As long as men confined themselves to such research and as long as the central phenomenon of economics itself remained more or less in the darkness of instinctive and practical knowledge, scientific analysis could never fully set to work, it could not, as it were, make full use of its vital powers. It was impossible to build up a basic stock of knowledge of principles, nor could a staff of expert workers really form itself. It was necessary to derive an explanatory principle from each separate complex of ...
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