by Michael Njoku, SHTF Plan:
In the history of the social sciences, no other field of study has attracted so great a level of hostility as the science of economics. Since the inception of the science, the onslaught against it has been on the rise, extending across individuals and groups. And the outlook for a favorable reception of the science is bleak, given that a significant number of people are incapable of following through the extended chains of reasoning required for comprehending economic arguments.
Economics takes ends and goals of action as a given and—in matters of value judgments—it assumes neutrality (i.e., non-normativity), which is characteristic of science. However, questions of the suitability of means and various policies adopted to attain chosen ends are not beyond the scope of economic analysis.
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The “Dismal” Task of the Economist
The competent economist—when presented with a proposed plan of action—always asks: Is the means adopted suitable for the attainment of the end in view? He critically analyzes the means in question and declares their fitness or unfitness on the basis of logical demonstrations that are unassailable and apodictly true. This peculiar task of the economist is often misapprehended as an expression of his value judgments and an attempt to frustrate the attainment of ends chosen. Thus, the economist is often met with disapproval.
More significant in the history of the science are the several attempts to discredit the economists through a denial of economics as a universally-valid science, applicable for all peoples, times, and places. This is a pernicious attempt because the social, political, and economic consequences tend to be disastrously far-reaching. This article attempts to establish a connection between a denial of economics and the emergence of totalitarianism.
Historicism as a Precursor of Totalitarianism
Historicism was one of such concerted attempts at denying the universal validity of the body of economic theorems. The historicists advanced the view that economic theories are not valid for all peoples, places, and times; and thus, are only relevant to the specific historical conditions of their authors. The German Historical School’s rejection of the free trade theories, propounded by the classical economists, was not on grounds of inherent inadequacies in these theories—given that they never unmasked any logical errors as to the untenability of these theories—but motivated by ideological pre-possessions. Mises puts it very succinctly in Epistemological Problems of Economics:
