"ECONOMANIA"

Rotorua Morning Post, Volume 2, Issue 400, 8 December 1932, Page 4

"ECONOMANIA"

The former Minister of Transport in the British Labour Administration, Mr. Herbert Morrison, has coined a new word for the -present perplexities which beset the world — "economania." It is an apt word and one which like very many other things, may well be used to cover a multitude of errors. To-day, the phrases of the economics textbooks — at one time hidden behind the veils of the higher knowledge and of indifference — are in the mouth of every budding orator and politician. "The prevailing economic circumstances" is almost as stereotyped a phrase as the ofReial intima•tion that "the matter will be kept steadily in view." The views of economists to-day are iregarded with deference, where a few years ago, they were conI sidered mere theorising. There f is no doubt that in the present | age, the science of economics has j come into its own ; it is taking a leading' place in the curricula of ! our sclioois, and it is fast becomj 7 ing the stock in trade of every i aspirant to prominence who re- | quires some abracadabra with j which to clothe his words in a I little brief authority. We referI red yesterday to the interesting i discussion conducted in the col- | umns of the London "Times" j concerning the economics -of spending. One of the conclusions to be drawn from this discussion, it was pointed out^ is that economics is not an exact science. It might also be pointed out that it does not pretend to be. Economics is defined as the science of the useful application of the wealth or material resources of a country. It is a science of theory supported by certain established tenets on which its foundations are based. It may truthfully be said that its scope can never be exactly defined because it is extending every day with the world 's changing conditions. It is, however, a science and as such, implies specialised knowledge on the part of its expositors. But it is a science particularly open to §he dabbler, who with a little knowledge, may easily find it a most dangerous thing. To-day, the world is bewildered by economic theorising, and the conclusions of the

men who are really competent to apply the science are confused and lost in the medley of halfbaked ideas and conclusions of the very many more who are not. The science of economics has always operated: it is not an invention of capitalists, and politicians to confuse plain issues. The laws which it enunciates are not creations of a moment, but certain definite conclusions which may be drawn from a scientific study of the application and production of wealth. All that the modern science of economics has done is to enunciate and define these laws and their operation as a basis for the study of commereial and productive conditions. But in the meantime, a great deal of clap-trap is talked with a specious flavouring of the phraseology of economics to make it palatable. It is this species of verbosity which may very aptly be described as "econamania." Economics like any other science, is best left to experts. In the meantime, there is no reason why plain facts should not be stated in plain words.