The Economic System and the Course of Economic Events: The Theory Applied

Abstract

the first objective of the economist, let us repeat, is a scientific understanding of real economic life. He has reached this when he has answered two questions for every country and every period: that of the structure of the economic system, and that of the relationships in the course of economic events under that system. Both questions have proved difficult to answer. It is clear that the usual path of taking cross-sections of economic history and constructing theories for each, does not lead us to our objective. We therefore started on another path.