In this introductory work I cannot deal fully with one of those “sciences” nor in suitable outline with each of them separately. I must be content here to deal, very briefly, with one of them by way of illustration and suggestion. Which one shall it be?
Now among these life-regulating “sciences” there is one specially marked by the importance of its subject, by its central relation to the others and by its prominence in the public mind. I mean Economics—the “dismal science” of Political Economy. For that reason I have chosen to deal with economics. In the present chapter I shall discuss three of its principal terms—Wealth, Capital and Money—with a view to showing that the current meanings and interpretations of these familiar terms must be very greatly deepened, enlarged and elevated if they are to accord with facts and laws of human nature and if the so-called “science” which employs them is to become a genuine science properly qualified to be a branch of Human Engineering. It is to be shown that the meanings currently attached by political economists and others to the terms in question belong to what I have called the period of humanity’s childhood; and it is to be shown that the new meanings which the terms must receive belong to the period of humanity’s manhood. It will be seen that the new meanings differ so radically from the old ones as to make it desirable for the sake of clarity to give the new meanings new names. But this, however scientifically desirable, is impracticable because the old terms—wealth, capital, money—are so deeply imbedded in the speech of the world. And here comes into view the very special difficulty alluded to above and which led me to request the reader’s special cooperation in this chapter. The difficulty is not merely that of destroying old ideas that are false; it is not merely that of replacing them with true ideas that are new; it is that of causing people habitually to associate meanings that are new and true with terms associated so long, so universally, so uniformly with meanings that are false.
The secret of philosophy, said Leibnitz, is to treat familiar things as unfamiliar. By the secret of “philosophy” Leibnitz meant the secret of what we call science. Let us apply this wholesome maxim in our present study; let us, in so far as we can, regard the familiar terms—wealth, capital and money—as unfamiliar; let us deal with them afresh; let us examine openmindedly the facts—the phenomena—to which the terms relate and ascertain scientifically the significance the terms must have in a genuine science of human economy. Examine “the facts” I say—examine “the phenomena”—for bending facts to theories is a vital danger, while bending theories to facts is essential to science and the peaceful progress of society.