The System of Economic Theory Is Not Perfect

The system of economic thought must be built up in such a way that it is proof against any criticism on the part of irrationalism, historicism and behaviorism. It is customary for many people to blame economics for being backward. To live implies both imperfection and change. The most elaborate theory that seems to satisfy completely our thirst for knowledge may one day be amended or supplanted by a new theory. Science does not give us absolute and final certainty. A scientific system is but one station in an endlessly progressing search for knowledge. In these introductory remarks, it may be enough to say a few words about their psychological background.